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.
Newcastle Building Society consent to let: Q and A’s
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My wife and I have a Newcastle Building Society mortgage and are never missed a loan payment, both employed etc. Can you tell me how much the fees are and if Newcastle Building Society are likely to give us consent to let without transferring to a new mortgage product?
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Do I need consent to let from Newcastle Building Society or can I lease out my property without telling Newcastle Building Society and having to convert to a buy-to-let mortgage?
- My brother and I may need to lease our home out for a while due to a career opportunity. This will be for a limited period we would possibly like a consent to let our property. We currently have a Newcastle Building Society mortgage. What are the fees involved and time limits on consent to let agreements?
- I'm planning to remortgage my maisonette, currently let out with consent to let from Newcastle Building Society, onto a BTL rate as we will not be moving back into it now since we have our family home. So, I'm assuming I need a specialist financial adviser for this and I am not really familiar with what is on offer in this area. Are you able to recommend an efficient broker service specialising in BTL?
- I am endeavouring to discover which mortgage providers are best for giving consent-to-let without raising rates, and hopefully permitting in excess of two years where necessary. Is that something you can help with? We are particularly interested in Newcastle Building Society
- Are you able to help? I am just curious if Newcastle Building Society offer consent to let as an option should I decided to let out my home under a homeowner mortgage. Is there a specific rule for right to buy property and consent to let?
- I wish to rent the attic in my house in Westminster. Do I require consent to let from my lender Newcastle Building Society?
- I am considering relocating with work and would need to rent my property out. I have a mortgage with Newcastle Building Society. My property is worth approx £200k and owe £48k on it. How likely is it that Newcastle Building Society increase my interest rate?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Newcastle Building Society consent to let Info
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with 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 taking legal action 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