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.
Nottingham Building Society Consent to Lease Example Support Desk Enquires
- I am thinking of applying for consent to let from Nottingham Building Society as my personal situation has changed. My stepdaughter started college and I concluded that we would move nearby and chose to purchase a property rather than spend the money on renting. After having bought the house there has been serious deterioration in my relationship with my my step daughter and she won't live there. Since the whole point was for her and the house location isn't so convenient for my work I would like to leave and rent out the house
- Me and my partner may be given an opportunity to work in a different office in the UK for a three months and would like to know if we can lease out our existing apartment. It is a 2 year fixed rate and we are four months into the mortgage with Nottingham Building Society. We have lived at the property for more than five years. Our LTV is 70%. What are the chances of obtaining consent to let from Nottingham Building Society? What charges can we expect to pay etc
- I'm planning to remortgage our old garden flat, currently occupied with tenants under consent to let from Nottingham Building Society, onto a BTL rate as we will not be moving back into it now since we have our family home. So, I'm assuming I need a specialist broker for this and I am not really conversant with what is on offer in this area. Can you recommend a good broker service specialising in BTL?
- My mortgage is with Nottingham Building Society and wonder if I am duty bound to notify them if we no longer live in the property. I fear that they may bump up the interest rate if we move and rent it out but it's not very apparent what the change would be. If I decide to lease my house out and apply for consent to let in what way would the payments increase?
- I would like some guidance on how best to approach my mortgage provider Nottingham Building Society regarding a 'Consent-to-Let' application. Is this something you can offer guidance on ?
- We have a granny flat attached to our home. Do we need consent to let this from Nottingham Building Society? If so, what is the process if I wish to switch my mortgage to consent to let?
- Would you be able to help me? What do my wife and I need to do to get consent to let from Nottingham Building Society? And how much equity is needed?
- I want to get consent to let from Nottingham Building Society for a couple of years until I can move onto a buy to let. Is this feasible
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read 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
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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Nottingham Building Society