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Need professional advice for your consent to let with Newcastle 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 Newcastle Building Society consent to lease
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We just obtained consent to let from Newcastle Building Society. After some effort, Newcastle Building Society have issued me with ‘consent to let’ confirmation . Mention is made of an assured shorthold tenancy. What is that?
- At the moment I have a mortgage with Newcastle Building Society and I am planning buying a home with my soon to be wife. It's her council house on a right to buy scheme. Would it be possible to transfer my Newcastle Building Society mortgage to lease out my existing property in Ealing even though the property is currently in negative equity.
- My twin is intent on letting his apartment out without consent to let from his mortgage lender Newcastle Building Society. He has been on an interest only loan since 2009. Outstanding amount due is £112k, having paid for the flat for about £125k. If he lets the flat out privately, exactly what sanctions is he likely to face?
- My brother and I are joint proprietors of a property in Waltham Forest with a Newcastle Building Society mortgage. I want to move out and buy a new property with my fiancee. How should I deal with finding a tenant for my room? Do I need consent to let via Newcastle Building Society. My brother will continue to reside in the flat
- My lender wont issue consent to let without a move in date confirmed with a tenant. How can I confirm this whilst lacking consent to let? I am not certain but I think my friend had a similar issue with Newcastle Building Society.
- I are considering applying to Newcastle 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 further steps we will need to go through?
- I am intending on relocating within the next nine months and wish to rent my house out. My mortgage rate is fixed with Newcastle Building Society. I am worried a 1% increase would be too much if that was linked to obtaining consent to let
- What, if any, income criteria do Newcastle Building Society set for consent to let on an existing domestic mortgage?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Newcastle Building Society consent to let information
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 notify them may trigger your insurance becoming null and void. 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 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Newcastle Building Society