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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For the last few months I have been letting out my flat in Hackney. I didn't seek consent to let. I moved to Amersham for career reasons and was unable to cope with the traveling but was worried that Newcastle Building Society would charge me silly money so I decided to take the risk. I'm hoping to legitimise it now... basically continue leasing it but with consent. What are my next steps?
- I need to switch my domestic mortgage with Newcastle Building Society to a consent to let and looking for some advice please... I bought my first home in London in 2009. After a new job opportunity I moved to Edinburgh, and five months ago got a residential joint-mortgage with my partner. I am inclined to stay with Newcastle Building Society and seek consent to let rather than attempt to apply for a new mortgage elsewhere, but if Newcastle Building Society refuse what lenders should I approach.
- Am I required to inform Newcastle Building Society of my intention to rent my property out as a holiday let for twelve weeks. Can you help clarify? I am seeking independent advice on the insurance, legal and tax side of things .
- I have a mortgage with my partner on our property which is up for renewal 21st December. I am having to move to Reading for my Job in February. Is it possible to move to a consent to let mortgage with Newcastle Building Society?
- I am seeking from Newcastle Building Society consent to let out my home in Hillingdon. I am planning to move in with my grandfather as I am off work through ill health.
- I am looking to Newcastle Building Society to issue me with consent to let out my home in Barnet. I am moving to Germany for Six months on a secondment.
- I am already letting out my flat but may have sussed what has been going on. I have four months left on my fixed rate. Is it simple to get consent to let from Newcastle Building Society. Is it just a quick phone call, pay the charge and that's it?
- Soon to remortgage my property but I will potentially moving out in the near future and would be looking to lease it out. What would I need to do to get consent to let from 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 Info
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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 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 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 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