Need Help?
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.
Recently asked questions relating to Newcastle Building Society consent to lease
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We've been renting my wife's old house out with "consent to let" from Newcastle Building Society on a standard mortgage for the past three years. Newcastle Building Society have put forward an ultimatum withdrawing their consent to let if we do not convert to one of their "buy to let" deals.
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My wife and I will move back to Tokyoin Month, possibly for a little as 9 months but it could be longer term. I'm in the process of writing to Newcastle Building Society for consent to let out our property (we have already found tenants). I have had a mortgage with Newcastle Building Society for 7 years and I have never had any arrears. Newcastle Building Society say, that even if they give permission, that this will be limited for 12 months. Do I then need to reapply?
- We are looking to apply to Newcastle Building Society for consent to let on my existing residential property in Enfield. I am looking to release equity from my existing home ahead of this, and using that money to purchase a new residential property. I will stay in that house whilst renovating it for nine months after which I plan to sell it then move back to my current house. Is this something Newcastle Building Society will consider consent to let for or is that out of their criteria?
- How long must one own a property before you can get consent to let from Newcastle Building Society? On the basis that it is given, can it be retracted at a later date?
- I’ve already let but only just dawned on us that Newcastle Building Society should've been notified and consent to let sought - what's the best course of action now?
- I want to buy a new home but can't afford to sell the existing property with a Newcastle Building Society mortgage. Do you know the criteria for Newcastle Building Society to give consent to let? Is getting married and having kids a sufficient reason to seek consent?
- I am considering moving in with my partner but prefer not to sell my property. How do I go about applying for consent to let from Newcastle Building Society, and how likely is it that this will be granted?
- What, if any, income requirements do Newcastle Building Society set for consent to let on an existing standard mortgage?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above Newcastle Building Society consent to let information
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 Newcastle 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 standard 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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