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.
Recently asked questions relating to Nottingham Building Society consent to lease
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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?
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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?
- My property recently got consent to let on a non-commercial loan with Nottingham Building Society with a view to switching to a buy-to-let rate when the fixed term ends in a few months' time, so I'm uncertain if this complications to the issue! Any information much appreciated.
- We took out a fixed rate mortgage with Nottingham Building Society for 2 years and have been living in the apartment for nearly eighteen months. Due to work I need to move so I would like to lease the property out. What is the best way to go about getting consent to let from Nottingham Building Society?
- I would like to know all the definitive criteria and procedures in place to change my Nottingham Building Society mortgage to a consent to let?
- What is the process for getting a consent to let application form from Nottingham Building Society and how quickly can I get the consent?
- We have a owner-occupier mortgage with Nottingham Building Society and are considering obtaining consent to let so that we can apply for a further mortgage on another property that I own on a buy to let basis. Ahead of applying it would be helpful to know the repercussions if any of making the change and any facts that we need to be aware of.
- I am thinking about letting out my property via a consent to let from Nottingham Building Society, what charges are likely to be incurred?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Nottingham Building Society consent to let information
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
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.
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 violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
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.
If you do not keep up the payments on your mortgage with Nottingham Building Society your property may be repossessed