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.
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.
Jennifer (my wife) and I may need to lease our Brent home temporarily due to a career opportunity. This will be for a limited period but possibly for as long as seven years. Should I tell Nottingham Building Society or am I best advised to keep schtum?
Finding myself in a difficult predicament with a Consent to Let mortgage. Having sought consent to let the lender has requested evidence of an executed Assured Shorthold Tenancy as a prerequisite to granting consent. Is is not the case that if I adhered to their request that I would be violating the lender’s terms and conditions?
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.
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.
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 violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Failure to inform 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.