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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.
Recently asked questions relating to Nottingham Building Society consent to lease
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Just wondered if Nottingham Building Society choose to operate a right to put a loading on my interest rate on a residential mortgage that has just been approved for Consent to Let at any time, onto ‘rates akin to their BTL loans'?
- I have a maisonette but I am seldom there, considering the possibility of renting it out. The mortgage is with Nottingham Building Society, would I have to move onto a new mortgage product or should I apply for consent to let?
- Am I obliged to notify Nottingham Building Society of my intention to rent my property out as a holiday let for twelve weeks. Can you shed any light on this? I am taking independent advice on the insurance, legal and tax side of things .
- In a situation where a property owner chooses to let out their property without consent to let via Nottingham Building Society - what, if any implication might there be for an agent acting for the landlord?
- I have a standard mortgage with Nottingham Building Society which is only seven weeks in but I have been relocated with my job. Is it possible to obtain consent to let from Nottingham Building Society for a mortgage that has only just started and I have just bought the property?
- Last month I bought a house with 10% deposit for personal reasons. A mortgage was taken with Nottingham Building Society. But my circumstances have now changed. I am being transferred overseas. Am I able to get consent to let from Nottingham Building Society and put the property up for rent?
- Do Nottingham Building Society respond positively to requests for consent to let? I am just considering this as an option if I move house in the coming months
- I'm mulling over a remortgage offer with Nottingham Building Society and it's likely I will end up asking for consent to let at some point in the fixed period. Are there any charges I should be aware of?
Find out more about how flying freeholds can affect the marketability of a property.
Information 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent 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 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Nottingham Building Society