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.
Sample questions relating to Newcastle Building Society consent to let
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Newcastle Building Society have just granted me consent to let. 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?
- I would like to let my existing residence and want to acquire a bigger house for the family. I have a two year fixed mortgage with Newcastle Building Society. On the basis I get the consent to let as I understand lenders are more than likely to push me towards getting BTL mortgage when the fixed term comes to an end. Could I remortgage after a couple of years with another lender? Will it have to be buy to let mortgage and not a residential mortgage?
- My husband is in the army and he has been posted overseas and as we want to move as a family we need 'Consent to let' from our lender Newcastle Building Society. Can you assist us?
- Twelve years ago I was granted consent by the local authority and my lender Newcastle Building Society to convert a small barn into a granny annex, conditional on it not being sold separately from the main property. My parents died some years ago and I would now like to lease it out with consent to let from Newcastle Building Society. Do you think this will be possible?
- I will have to move to Miami for two years, I have a property with a Newcastle Building Society mortgage. Do I need to obtain consent to let? Will they give it?
- I am looking for some generic information on consent to let with Newcastle Building Society: I am moving abroad. Potentially for many years. Nevertheless I will be on a six month trial period .I would like to know the criteria for consent to let from Newcastle Building Society and any costs to be incurred
- My brother and I would like to obtain consent to let on a house where we have a mortgage with Newcastle Building Society. If granted, how long would consent be given for? In asking for consent to let from Newcastle Building Society are we running the risk of them forcing us to change deal to B2L
- We are considering a remortgage offer with Newcastle Building Society and it's likely I will need take advantage of any consent to let option if available at some point in the fixed period. Are there any charges I should that may be applicable?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to 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 inform them could trigger 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 to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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.
If you do not keep up the payments on your mortgage with Newcastle Building Society your property may be repossessed