Need professional advice for your consent to let with Norwich and Peterborough Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Having endured living in a rough area for 3 years now, we are keen to relocate. As selling the house will trigger a hefty redemption penalties to Norwich and Peterborough Building Society of £2500, we considered that it would be sensible to let it out. So, we need to obtain a consent to lease from Norwich and Peterborough Building Society only 12 months. Will Norwich and Peterborough Building Society grant consent?
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.
One thing to remember when arranging a consent to let mortgage with Norwich and Peterborough 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 regular 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
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 breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Omitting to inform 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.