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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.
Common questions relating to Newbury Building Society consent to lease
- I obtained consent to let from Newbury Building Society three yrs ago but failed to need it and have since refinanced with another mortgage provider. I recently sought for consent to let. I was informed that it would be given since I met the criteria. Yet recently received a letter advising me that I must provide a letter from the DWP evidencing that that are aware of my current situation before they can provide consent. They said this is policy but I have not been able to find these conditions on their site. I did complain about the insinuation that I might intend to continue to claim help with interest from the DWP whilst receiving rental on the property. They apologised and offered to deposit £25 in my account . However i still am unable to locate this term and condition and i feel this is otherwise inappropriate I want to let my property as a way of releasing me from redress to social benefits not in order to continue with them
- A year ago my lender (not Newbury Building Society) issued me with consent to let. This was subject to a provision that every half year they would levy a fee of half a percent of the remaining mortgage amount. Having the first few payments they have omitted to make the charge in recent months. Should I be worried that this means that my consent to let has been canceled .
- Where can I find the Newbury Building Society consent to let form on this webpage I couldn't find it on the web.
- I applied for consent but I did not get it as I did a remortgage in July but Woolwich does not give consent if mortgage is less than 6 months old. Now I am worried when 6 months is gone are they going to find some additional criteria that will not be ok. As a backup plan I can remortgage with Newbury Building Society but will they give me consent straight away?
- I was just curious as to whether Newbury Building Society would give consent to let and what kind of fees, penalties and rate increase etc
- I am looking to Newbury Building Society to grant consent to let out my studio flat in Sutton. I am travelling for a year
- Do you know whether Newbury Building Society will accept rental income on consent to let for affordability purposes or does it need to be on a buy to let ? Would Newbury Building Society let me raise capital based on the rental revenue ?
- I am going away for work for as long as a year... I was wondering if I was able to gain from Newbury Building Society consent to let the house out while abroad as I am reluctant to leave it unattended for that period
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Newbury Building Society consent to let Info
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 regular 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
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 restrictions are not strictly observed you may be in breach of your covenants under 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with Newbury Building Society your property may be repossessed