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Need professional advice for your consent to let with Newbury Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Frequently asked questions relating to Newbury Building Society consent to lease
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Can one refinance on a consent to lease with Newbury Building Society?
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I am employed by letting specialists in loc and a potential tenant for the house has demanded sight of the ‘consent to let’ from the owners lender Newbury Building Society. Is this a new type standard inquiry?
- I spoke to a IFA friend last week. She said that were I to decide to move abroad with my job for a period then I should not apply for consent to let from my lender (Newbury Building Society) until at least 2 weeks before I plan to lease out the property. Am I to understand that I have to find a tenant first and then obtain a consent to let?
- We have a flat in Ealing which we purchased as a new-build just over twelve years ago. As childen are growing up we need a bigger home. We've found a property in Southwark that we would like to buy and want to keep the flat as an investment to rent out. The mortgage is with Newbury Building Society and we've found a tenant who will pay rent in excess of the monthly mortgage amount. My question is, can we retain the repayment mortgage with Newbury Building Society so we effectively paying off our mortgage on the flat or do we have to move it to a buy-to-let product?
- Newbury Building Society. Will they grant consent to let a property for three years? I reoccupy as an occupier.
- My OH and I are interested in understanding the Newbury Building Society consent to let process and prerequisites for granting.
- We are deliberating a remortgage and also thinking of renting the property in the future - Is there a cost with Newbury Building Society to procure consent to let and what are the criteria?
- Is consent to let required from Newbury Building Society if I am planning to occupy the house myself for half of the year? Also if I obtain consent to let for a limited time, say up to twelve months, what happens thereafter.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above Newbury Building Society consent to let Questions and Answers
Tax and Legal
There are numerous potential tax and legal (from restrictions on title, lease prohibitions to planning issues) implications when letting out your property. You should always seek the advice of a solicitor and accountant before letting out your property.
Insurance
One thing to remember when arranging a consent to let mortgage with Newbury Building Society is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. As a minimum you should ensure that you are covered for any third party liability in respect of injuries to your tenant whilst at your property
Leasehold properties
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Newbury Building Society