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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.
Nottingham Building Society consent to let: Q and A’s
- A couple of years ago I was granted consent to let from my existing mortgage provider which is about to expire. Since I took this out to travel and start a family. I'm not earning enough just now to pay the mortgage by myself. My lender has advised me that I can't extend my consent to let and if I continue renting out I will be in action would be taken for breaching my mortgage contract. Due to affordability I it is likely that I will be refused to transfer to a BTL product. One option I am thinking about is remortgaging to Nottingham Building Society. Are they likely to give consent to let from the start?
- I have been offered a once in a lifetime career opportunity for 6 months in Denmark. I have enough money to pay the monthly Nottingham Building Society mortgage however the buildings insurance requires continuous residency in order not to be invalidated. Last December the roof suffered storm damage but was repaired. Should there be any problems during the winter months I would find it hard to cover the repair costs. Would I be eligible for consent to let via Nottingham Building Society for the time I am abroad?
- Me and my husband just completed on a house in Sunderland and will be relocating to Devon at the beginning of the month. I have a letting agency and tenant ready. I was planning to leave everything as it stands as I'm concerned Nottingham Building Society will insist that I change my mortgage rate over to a buy to let and am unable to afford that. I appreciate that it would be preferable to secured a consent to let via Nottingham Building Society but am afraid if I come clean it would result in a whole host of problems
- My partner and I currently live in Hong Kong and renting out our flat in the UK. This is not something we planned but an opportunity came up and we took it. The rent received on the flat is not enough to cover the mortgage so we transfer funds each month to make up the difference. Last week our lender got in touch informing me that as the property is being let out and has been for nearly three years we will have to pay 1.5% interest in addition to our current mortgage rate. We could sell the flat but this will be difficult as I am so far away. Could we remortgage with Nottingham Building Society and get consent to let?
- Is there a maximum period that Nottingham Building Society is willing to issue Consent To Let for?
- I was just enquiring if Nottingham Building Society would grant consent to let and what kind of fees, penalties and rate increase etc
- My Nottingham Building Society mortgage is coming up for renewal. We would like to apply for a new residential mortgage and then seek consent-to-let. Is this possible? We don't use the house much now that our kids are growing up, and would be better used as a rental.
- I was wondering if you are able to assist. I require consent to let from Nottingham Building Society and was wondering if this option is available to me to switch to as I need to move back home to take care of my father
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Caveats to be read in further to 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 result in 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
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 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