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 been naive in not informing Nottingham Building Society that I’m renting my property out. In an ideal world I would like to do the right thing with as little adverse implication as possible. If Nottingham Building Society says yes, is there any way of them finding out that I’ve already been renting it without consent?
- My brother and I are joint proprietors of a flat in Hackney with a Nottingham Building Society mortgage. I want to leave and purchase a new property with my fiancee. How should I deal with renting out my room? Do I need consent to let via Nottingham Building Society. My brother will continue to reside in the flat
- I am looking to apply to Nottingham Building Society for consent to let on my existing residential property in Hackney. I am looking to release equity from my existing house before doing so, and using that money to acquire a new home. I will stay in that house whilst renovating it for six months at which point I intend to sell it then move back to my current property. Is this something Nottingham Building Society will consider consent to let for or is that out of their criteria?
- I have a 2 year fixed rate mortgage with Nottingham Building Society which began in January. I will be moving out in July and have people ready to let my flat. I need to get a letter from Nottingham Building Society granting consent to let until my term is up to allow me time to move onto a BTL. What is the procedure for going about this?
- I'm gathering some information on whether consent to let is something available to me? We have a Nottingham Building Society mortgage and are thinking of leasing the place out for two years, but cannot really afford to convert to a buy to let mortgage. Is consent to let a viable option rather than to switching to a buy to let rate?
- Iwould like to rent out our home and buy other. Can Nottingham Building Society refuse to grant me consent to let?
- Circumstances: I am moving to become a non-UK resident. This might be for many years. That being said I will be on a 3 month probation period .I'm wanting to know the criteria for consent to let from Nottingham Building Society and any costs to be incurred
- If I were to apply for consent to let from Nottingham Building Society how much time does it take to get consent to let after you apply to Nottingham Building Society. ?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to 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
Omitting 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 lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to 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