Need Help?
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.
Sample questions relating to Newbury Building Society consent to let
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I intend to let out my flat to some tenants who have asked me for a duplicate of my ‘consent to let’ from Newbury Building Society, my mortgage lender. Is this a standard request?
- I have a shared ownership property in Brent and will be looking to buy out the rest of the property. However, in the future I may be working overseas for a short period of time so would like to know what approach Newbury Building Society take to consent to let as I am considering a remortgage with them. I am not sure if they will lend on my property but in the meantime can you provide further detail on their consent to let policy?
- My twin plans to rent out his flat out in the absence of consent to let from his mortgage provider Newbury Building Society. He has been on an interest only loan for about 7 years now. Outstanding amount due is £99k, having purchased the apartment for around £118k. If he lets the flat out privately, exactly what sanctions is he likely to face?
- I'm looking to remortgage our old studio flat, currently rented with consent to let from Newbury Building Society, onto a BTL rate as we will not be moving back into it now since we have our family home. So, I'm assuming I need a specialist broker for this and I am not really familiar with what is available in this area. Can you recommend an efficient broker service specialising in BTL?
- My OH and I are one year into a three year first time buyer mortgage with Newbury Building Society. Just curious whether it's ok to let out the flat on my current mortgage. Will Newbury Building Society give consent to let?
- I are considering applying to Newbury Building Society to obtain consent to let our house, how long does it take from the point of submitting the application to us finding a letting agent and listing our house for rent? and are there any other steps in the process?
- I wish to get consent to let from Newbury Building Society for a couple of years at which point I can move onto a buy to let. Is this feasible
- What are the implication if I have already let the property for some years as an HMO and now wish to go legit with Newbury Building Society by obtaining consent to let ? (work on the basis that Newbury Building Society had already given a homeowner mortgage on it some time ago)
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Newbury Building Society consent to let Advice
Tax and Legal
There may be various 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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them may result in your insurance becoming invalid. 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
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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