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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.
Frequently asked questions relating to Newcastle Building Society consent to lease
- I have a Newcastle Building Society mortgage and have been letting out my apartment without consent to let, making me in contravention of my mortgage terms and condition. I think that they have found out that I am not living there. What are the legal ramifications of my failure to procure consent to let?
- Due to redundancy my wife and I are looking to move away from Islington and our apartment, potentially to a job in Sweden but that means we will want to let the property but don't want the cancellation fees of existing Newcastle Building Society mortgage which will be exorbitant.On what basis is 'consent to let' granted by Newcastle Building Society?
- I would like to be informed of what the criteria is for Newcastle Building Society for consent to let. I have heard contradictory suggestions in relation to fees and rates. I need to relocate for work but I don't want to sell the property due to a difficult market.
- I took a home loan out on a ground floor flat in May however I will be working outside of commuting distance of Waltham Forest in the medium term but hope to find work closer in the long term. Given that I recently acquired the property I will lose money if I sell and do intend to return to Waltham Forest so would like to keep it. How difficult is it to get consent to let from Newcastle Building Society and how do I go about applying ?
- I have a mortgage with Newcastle Building Society and am considering letting it for two months while on holiday. Will Newcastle Building Society consent to this?
- My wife and I have a letter to Newcastle Building Society requesting consent to let signed and ready, but I'm not sure what address I should post this to. Can you please help me with the address?
- I'm planning to switch mortgage provider to Newcastle Building Society for a fixed rate but during this period will need to rent the property out for just under one year. Do Newcastle Building Society consent to let on fixed rate mortgages and if so, what are the procedures.
- Just wanted to know how to seek a consent to let from Newcastle Building Society with whom I have a mortgage with. There is an outstanding balance of 57k. The value of flat is 110k. Property is in my name but my wife and I would like to purchase a one bedroom apartment in Hounslow we have seen together. How do we go about this?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above Newcastle 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
Where 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 could 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 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 violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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 Newcastle Building Society