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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.
Top Five Questions relating to Nottingham Building Society consent to lease
- A friend of mine has been renting her house from the same landlady for nearly two years. Over the last twelve months my friend has received letters from Nottingham Building Society (it is apparent from the envelope). At first she forwarded them to the landlady's address. I was a bit suspicious as none of the landlady's mail was supposed to be going there. So I went to my friends house and called Nottingham Building Society on her behalf. The gentleman I called at Nottingham Building Society had a long list of queries, the landlord’s name her current address, information on the tenant and then said they would look into whether she had the right mortgage and if she didn't it was an offence with no consent to let. What does this mean for my friend?
- In the coming months I am looking to move home and I am wondering if I can get consent to let on my property then get a mortgage approval for the new house so I can effectively bid without being part of a chain and then lease my property out once I move. Is it likely that Nottingham Building Society grant consent to let for a year if they know I am wanting to buy somewhere else or only where one is relocating short term for my job?
- I have a apartment in Wandsworth with a Nottingham Building Society mortgage but have not lived there for a while. My sister moved in but is there rent free. At the moment I live in rented premises and am looking to buy a house. I have identified a dream property at reasonable price. I have sufficient for a deposit to put down on the house I am interested in but would find it difficult to pay enough off the old property to switch it to a BTL mortgage at the same time. Can I change the current Nottingham Building Society mortgage for my old apartment into a consent to let and use my savings to pay a larger deposit for the residential mortgage on the property that I want to buy?
- Earlier this week I got a DIP from Nottingham Building Society for a detached house. I have applied via a broker. It is a capital and interest mortgage. I am curious as to what is the main criteria Nottingham Building Society adopt in order to grant customers consent to let? Is consent to let based on the rental multiple on a property?
- Evening? I am just wondering whether Nottingham Building Society offer consent to let as an option should I decided to let out my property under a residential mortgage. Is there a specific rule for right to buy property and consent to let?
- Where I have an existing normal mortgage with Nottingham Building Society and am planning to rent it out in the future will I be given consent to let? What is the process and what needs to be done next?
- I would like to rent out my house for three years max. How do I go about getting consent to let from Nottingham Building Society who I have a mortgage with?
- Do Nottingham Building Society respond negatively to requests for consent to let? I am just considering this as an option if I move home in the coming months
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Nottingham Building Society consent to let Questions and Answers
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
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 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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of 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
Failure 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