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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.
Common questions relating to Nottingham Building Society consent to lease
- Hello, I have a mortgage on an apartment with Nottingham Building Society and I am thinking of renting my property out. Could this be done without transferring to a BTL or obtaining consent to let from Nottingham Building Society?
- A year ago my mortgage company (not Nottingham Building Society) gave me with consent to let. The condition was that every 6 months they would levy a fee of half a percent of the outstanding mortgage amount. Having the first few payments they have omitted to make the charge in recent months. This may be no more than a basic computer error but I am nervous that it would also mean I no longer have Consent to Let.
- I currently have a mortgage offer with Nottingham Building Society. With any luck I will complete in the coming weeks, however it looks as though I may be posted abroad for work. How feasible is it for me to receive consent to let from Nottingham Building Society within a few months of drawing down on the mortgage. Are there any other options open to me?
- Our current house in Hackney has probably about £80K equity with a mortgage with Nottingham Building Society. It's a nice family house in a popular location and it should rent easily. We are probably moving for my husband's work and were thinking of holding onto the house on as a rental property - should we be swapping the loan to a buy to let product or can we get consent to let from Nottingham Building Society?
- Just curious as to whether it is possible if you own one property with consent to let from Nottingham Building Society, to purchase another with a domestic mortgage to live in. Then once the consent expires on the first property, to switch to buy to let or sell it?
- I’m about to finish the fixed rate period of my two year fix with Nottingham Building Society and move on to the current variable rate. I would like to know if consent to let by Nottingham Building Society is likely, if there are fees, and if there are time limits?
- Can you explain the process for procuring consent to let by Nottingham Building Society? Are there specific policies such as you have to reside in the property for over 6 or 12 months before its granted?
- I'm interested in more information about consent to let from Nottingham Building Society. Would a valid reason be issues with neighbours and the property is too big for me to run at this moment in time?
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 information
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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 terms are not adhered to you may be in breach of 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Nottingham Building Society