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.
Common questions relating to Nottingham Building Society consent to lease
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Helen (my partner) and I may need to rent out our Hackney home temporarily due to a new job. This will be for a limited period but perhaps for five years. Must I notify Nottingham Building Society or am I best advised to keep schtum?
- Can you please inform me what Nottingham Building Society charge for consent to let out a room in my ground floor flat? Any advice would be appreciated.
- Much to my surprise I have just been presented with a once in a lifetime career opportunity for 9 months in Denmark. I do have sufficient cash reserves to cover the monthly Nottingham Building Society mortgage however the block insurance stipulates continuous residency in order not to be invalidated. Last winter the roof was damaged but repaired. Should there be any problems during the winter months I would struggle to afford repair costs. Will I qualify for consent to let via Nottingham Building Society for a limited period?
- I rented my house out for three years between 2010-2013 while employed Amsterdam. I have a letter dated June 2010 from my building society granting consent to let. In the letter it explicitly states that the consent to let is valid for "the remaining term of the mortgage". I have not refinanced since the letter was sent. I now plan to move house and rent out my existing house. However, my IFA has suggested that the 2010 consent to let letter may not be acceptable to the new lender Nottingham Building Society for the house I wish to buy.Your view would be appreciated
- Were we to ask for a consent to let letter by Nottingham Building Society will we be made to change to buy to let mortgage? We are with Nottingham Building Society and as properties are not currently selling and we have seen one we like we were leasing our home out in order to purchase the new and dispose of this one if the value improves.
- Last month I got married and I am in the process of buying out 100% of my co-ownership mortgage with my wife. As a result we have now been given a 90% loan to value on our house. We want to buy a larger property. Will it be possible to get a consent to let on my new mortgage with Nottingham Building Society to allow us to get a mortgage also with Nottingham Building Society for a new home?
- I have a mortgage with Nottingham Building Society and am considering letting it for two months while on holiday. Will Nottingham Building Society consent to this?
- I would like to know if I have a domestic mortgage with Nottingham Building Society and decide to rent it out, does the rate get loaded and are there any additional fees for applying for consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above Nottingham Building Society consent to let Info
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
If 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 may result in 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 provisions in the lease may prevent 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 violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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