Need Help?
Need professional advice for your consent to let with Nottingham 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 Nottingham Building Society consent to let
- I would like to acquire a second property having recently bought a maisonette on residential mortgage. Looking to purchase next year. I have been advised that I may require consent to let from Nottingham Building Society, my current mortgage provider? What is the best way to manage this and get the permission required.
- My plan is to let my two bedroom second floor purpose built maisonette out from mid Nov this year as I will be going for a few months. I have a domestic mortgage with Nottingham Building Society. I will not be letting for more than six months. Most likely it will be four months. It has been suggested that I seek consent from my freeholder first? Please can you suggest what I should be doing in what order?
- I'm six months into a two year fixed mortgage with Nottingham Building Society. The LTV is just 50%. I've found a really good deal on a garden flat in Croydon which I would not want to miss. It seems the only way to purchase the other property is to release most of the remaining equity. I would let the existing home which would more than cover the mortgage with Nottingham Building Society. Can I get a consent to let from Nottingham Building Society and ask for additional borrowing after it's let out?
- I am already a Nottingham Building Society mortgage client seeking consent to let on my current property. We would like to buy in close proximity to where we are based with the Army,... but we may have to move.
- We have a mortgage with Nottingham Building Society at the moment and just enquiring about the processes of getting a 'consent to let'
- We are looking to place my house on rent due to work commitments and was wondering if this is possible to get consent to let. It is on a fixed rate mortgage with Nottingham Building Society until 2018 October
- Do you have the address to which a Consent to Let request to be sent for Nottingham Building Society? Sorry about bothering you with this query.
- I am currently remortgaging and investigating the flexibility of certain mortgage providers when it comes to consent to let. Nottingham Building Society is one of the lenders I am considering. How accommodating are they are far as consent to let is concerned?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Nottingham 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
One thing to remember when arranging a consent to let mortgage with Nottingham 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 standard 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
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 potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Nottingham Building Society your property may be repossessed