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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.
Top Five Questions relating to Newcastle Building Society consent to lease
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Just wondered if any of your clients had recent experience requesting Consent to Letfora year from Newcastle Building Society or if you know how such permission is obtained.
- A colleague recently sought CTL from the Woolwich which they declined citing that the mortgage had not been going for even half a year. I am about to seek consent to let from Newcastle Building Society. Do they adopt the same rule?
- My wife and I intend to let our existing property out early next year when we move. This is to be done with consent to let from Newcastle Building Society. The apartment is currently in my name but I am a higher rate tax payer. Is it best to do a equity transfer to her or should I enter into a Declaration of Trust?
- Me and my partner hope to purchase a property together. Plan is for me to get consent to let my flat from Newcastle Building Society. Thinking a little down the line however - when my 2 year fixed comes to an end - how would it work if I sought to refinance my flat?
- We have a new mortgage however my girlfriend doesn't feel safe in the property due to other tenants in the block. I know that many lenders have a half year rule before consent to let - does this apply to all lenders. Is there any way Newcastle Building Society would allow it from day one?
- Where I have an existing residential mortgage with Newcastle Building Society and am planning to rent it out in the future will I be granted consent to let? What is the procedure and cost involved?
- We 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 seeking consent to let from Newcastle Building Society are we running the risk of them forcing us to change deal to B2L
- Not sure if you can help What do I need to do to get consent to let from Newcastle Building Society? And how much equity is needed?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition 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
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
If your property is 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 your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform your co-owner of your intention to let could result in them commencing legal proceedings 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