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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.
Top Five Questions relating to Newbury Building Society consent to lease
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Can Newbury Building Society exercise a right to increase interest rates on a non-commercial mortgage that has just been approved for Consent to Let at any time, onto ‘rates akin to their Buy to Let products'?
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Exciting times as my partner and I will move back to Floridain Month, perhaps for a little as 9 months but potentially longer term. I have contacted Newbury Building Society for consent to let out my property (we have already found tenants). I have been with Newbury Building Society for 7 years and no payments have ever been missed. Newbury Building Society advise, that even if they give permission, that this will be a temporary arrangement for one year. What happens after one year?
- I've got a current homeloan with Newbury Building Society coming up to 18 months and the fixed rate is soon to expire. We are looking at releasing equity from our existing address to enable us to purchase a more substantial house and then rent out the existing ground floor flat. The initial advice we received was that we will get a new residential mortgage allowing for consent to let - can you clarify what is involved?
- I have a mortgage with a friend on our apartment which is up for renewal 13th July. I am having to relocate to Birmingham for my company in next month. What are the chances of being able to transfer for a consent to let mortgage with Newbury Building Society?
- Please can you tell me the circumstances under which Newbury Building Society would turn down a request for consent to let?
- We have a mortgage with Newbury Building Society and would be thinking about buying another main residence and then subsequently renting our current home out. Do I need consent to let from Newbury Building Society?
- My fiance and I would like to obtain consent to let on a house where we have a mortgage with Newbury Building Society. If granted, how long would consent be given for? In seeking consent to let from Newbury Building Society are we running the risk of them forcing us to change deal to buy to let
- Do you have the address to which a Consent to Let request to be sent for Newbury Building Society? Sorry about bothering you with this query.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition 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 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent 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 trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform your co-owner of your intention to let could result in them taking legal action 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