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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.
Newcastle Building Society consent to let: Q and A’s
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Exciting times as my wife and I intend to relocate to Floridain Month, initially for a little as 9 months but potentially longer term. I have contacted Newcastle Building Society for consent to let out my home in Newcastle Building Society. I have had a mortgage with Newcastle Building Society for three years and the account is up to date with no current arrears. Newcastle Building Society say, that even if they do agree, that this will be a temporary arrangement for 12 months. Do I then need to reapply?
- me and my wife have just sorted our rates for another fixed five years with Newcastle Building Society. Some weeks later, I attended an interview and basically I accepted the job offer in Croydon. I'm going to rent a small flat for the family in Westminster as we don't want to sell the house whist there is a chance that we come back within a couple of years.... We really have no idea whether it will go. We called Newcastle Building Society but we would appreciate your point of view please. How is it to obtain consent to let in that case as we secured a fixed 5 years rate we really don't want to swap this.
- For a variety of reasons I intend moving in with my girlfriend next summer and I have let my property out to two students on a one year AST. The application for consent to let from Newcastle Building Society is in hand but what if they refuse. I can’t rescind on my contract in terms of backing out of renting the students as they have all signed up. On the flip-side Newcastle Building Society could sue me for contravention of a condition i.e. renting it out without consent to let.
- I have been renting out my flat to students for two years but not on a BTL mortgage because I thought that you only needed a buy to let if you had more than one mortgage. In trying to acquire a second property, I found that I should have obtained consent to let at the outset from my lender Newcastle Building Society. I'm curious as to whether I can now seek consent to let from Newcastle Building Society?
- I have a domestic mortgage with Newcastle Building Society and with my circumstances changing significantly in the last four months, can I apply for consent to let. What changes will affect me?
- We have already been told to write a letter to Newcastle Building Society to obtain consent to let, I'm just trying to find some guidelines on the letter? What I should or shouldn't include?
- Will Newcastle Building Society want to know my reasons for applying for consent to let? Is it wise to inform them of my possible relocation abroad?
- I want to let out the attic in my apartment in Enfield. Do I need consent to let from my lender Newcastle Building Society?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Newcastle Building Society consent to let Advice
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
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 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 your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Newcastle Building Society