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.
Frequently asked questions relating to Nottingham Building Society consent to lease
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Me and my husband have a Nottingham Building Society mortgage and are have made overpayments to bring the loan amount down, both employed etc. Do you know how much it will cost and if Nottingham Building Society are likely to give us consent to let without changing to a different deal?
- Havering flat valued at £95k. Nottingham Building Society mortgage owing £32k with seven years to run. Seek consent to let from Nottingham Building Society for current premises and use rent to pay off the last few years of mortgage. Take out sixty per cent Nottingham Building Society mortgage on further house that becomes my main home? Is this viable?
- Eight months ago my bank (not Nottingham Building Society) granted me with consent to let. This was subject to a provision that every 6 months they would add a fee of half a percent of the remaining mortgage amount. Having the first few payments they have omitted to make the charge in recent months. This may be no more than a simple error but I am nervous that it would also mean I no longer have Consent to Let.
- How easy is it to convert a standard mortgage with Nottingham Building Society to a consent to let. It will be less than 55% loan to value and it would change from capital and interest repayment to interest only?
- I previously took a mortgage with Nottingham Building Society, but I am going to need to get consent to let for around 12 months as my partner is unwell and is struggling to balance work with the hectic environment we are living in. We want to just chill out a little for twelve months (by living near her parents and having their help) in a greener more relaxed part of Manchester.
- What information should I include in a letter requesting consent to let my house in Merton? I would like to send a request to my mortgage provider Nottingham Building Society.
- I'm possibly going to Dubai for twelve months with work. Planning on taking my partner with me and hoping to rent our Ealing property in the meantime on a short term basis to make matters more cost effective. I was just wondering I have filled in my application form but I'm unsure where to send it
- My mortgage has been with Nottingham Building Society for eight years. I would like to apply for consent to let my house. I have been waiting for Nottingham Building Society to get back to me. Could you please check and help?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting the above Nottingham Building Society consent to let Advice
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
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 notify them could trigger your insurance becoming null and void. 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
If you do not keep up the payments on your mortgage with Nottingham Building Society your property may be repossessed