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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.
Recently asked questions relating to Newbury Building Society consent to lease
- A friend of mine has rented her property off the same landlady for nearly 2 years. During the past year my friend has been getting letters from Newbury Building Society (it is apparent from the envelope). For the first coulpe she forwarded them to the landlady's address. I was a bit suspicious as none of her landlord’s mail was meant to be going there. So I went to my friends house and phoned Newbury Building Society on her behalf. The gentleman I spoke to at Newbury Building Society had a long list of queries, the landlady's name her current address, the tenant's name and then said they were going to look into whether she had the appropriate mortgage and if she didn't it was an offence without consent to let. Can you shed anymore light on this?
- I have a house in Sutton but I am moving with my girlfriend to a different city for career reasons and moreover near her university. My preference is to retain the property but it is unlikely that I can afford a buy to let mortgage. It will only be short term -3 years until my girlfriend completes her degree and I can sell, or move elsewhere. My mortgage is with Newbury Building Society. Is there a chance I won't be approved for consent to let?
- Me and my brother jointly own a flat in Haringey with a Newbury Building Society mortgage. I want to move on and purchase a house with my fiancee. How would I deal with leasing out my room? Do I require consent to let via Newbury Building Society. My brother will continue to reside in the flat
- We took a mortgage out on a one bedroom apartment last August however I will be working outside of commuting distance of Hackney for the foreseeable future but hope to find work closer in the long term. Given I have not had property long I will lose money if I sell and do intend to return to Hackney so would like to keep it. How likely are Newbury Building Society to allow a consent to let and what will it cost me ?
- I recently purchased a property with 10% deposit for personal uses. A mortgage was taken with Newbury Building Society. But my circumstances have now changed. I am being transferred abroad. Am I able to obtain consent to let from Newbury Building Society and put the property up for rent?
- I have only recently completed my homeloan with Newbury Building Society since when my boyfriend has proposed and we are deciding whether to reside in his house or mine. Would I be allowed consent to let if I decided to move into his property
- I am planning on relocating within the next eight months and want to lease my house out. My mortgage rate is fixed with Newbury Building Society. I am worried a rate hike would be too much if that was a condition of getting consent to let
- I have a mortgage with Newbury Building Society. I am thinking of moving out and letting out my property. Am I required to obtain consent to let ?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above Newbury Building Society consent to let Questions and Answers
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 terms are not adhered to you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Newbury Building Society your property may be repossessed