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.
Examples of recent questions relating to Nottingham Building Society consent to let
- I have just been on the phone to Nottingham Building Society and they tell me that it has been brought to their attention that I have been renting the 2 bed flat despite having a resi mortgage. I moved out three years ago for career reasons, couldn't sell and so had little option but to rent out my property. Are you able to advise me on the connotations will be for me not obtaining consent to let?
- My twin is intent on letting his apartment out without consent to let from his mortgage provider Nottingham Building Society. He has been on an interest only loan for about 8 years now. Outstanding amount is £110k, having purchased the flat for around £110k. If he lets the flat out privately, exactly what sanctions does he risk?
- I wish to move house. The query I have is whether consent to let will be given on my house for me to subsequently obtain a mortgage for the new house so I can effectively bid without being part of a chain and then rent my property out when I move. Will Nottingham Building Society give consent to let for a year? If so, and the letting goes well can the consent to let time limit be extended?
- If I took out a new mortgage with Nottingham Building Society how long must I wait for consent to let without switching from a 1st time buyer mortgage?
- Is it possible to refinance with Nottingham Building Society with consent to let if my fixed rate is coming to an end. Circumstances would not have changed.
- Can I remortgage to Nottingham Building Society from my current provider, with a consent to let or do I need a let to buy mortgage, and if so what are the LTV's?
- Not sure if you can help What do my wife and I need to do to get consent to let from Nottingham Building Society? And how much equity is needed?
- I wish to get consent to let from Nottingham Building Society for two years until I hope to transfer to a B2L. Is this feasible
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Nottingham Building Society consent to let Advice
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
Where 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 may result in your insurance becoming invalid. 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 obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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