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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.
Top Five Questions relating to Nottingham Building Society consent to lease
- I obtained consent to let from Nottingham Building Society 3 yrs ago but never used it and have since remortgaged to another lender. I recently asked for consent to let. I was told it would be authorised since their requirements were met. I have now received a communication informing me that I need to provide a letter from the DWP evidencing that that are aware of my current situation before they can provide consent. They said this is policy but I have not been able to find these conditions on their site. I did complain about the insinuation that I might intend to continue to claim help with interest from the DWP whilst receiving rental on the property. They apologised and offered to deposit £35 in my account . However i still am unable to locate this term and condition and i feel this is otherwise inappropriate I want to let my property as a way of releasing me from redress to social benefits not in order to continue with them
- I have a mortgage with Nottingham Building Society however my husband and I will be relocating to the US in December. The mortgage is in my name yet it is my husband's job that is taking us abroad how do I answer the question: 'please indicate why you wish to let the property':
- My brother and his fiance currently lodge with me at my flat. After Christmas I would like to move out of the flat and in with my partner. Is it possible to get consent to let from Nottingham Building Society after only having the mortgage for 6 months?
- A friend of mine recently sought CTL from the Woolwich which they refused as the mortgage had not been going for six months. I am about to seek consent to let from Nottingham Building Society. Will they take the same stance?
- I would like to send the consent to let application by courier and wanted to know if Nottingham Building Society have a regular mailing address I can use as couriers usually don’t accept deliveries to PO Box numbers.
- I am looking at moving overseas for work and would like consent to let from Nottingham Building Society whilst I am away. Is the way forward to complete the consent to let form and mail it to Nottingham Building Society? Letting the property isn't to make money but to keep the property in case things don't turn out as well as we hope
- Will Nottingham Building Society want to know my reasons for applying for consent to let? Should I disclose my potential relocation overseas?
- What information should I include in a letter applying for consent to let my house in Hillingdon? I would like to send a request to my lender Nottingham Building Society.
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Caveats to be read in conjunction with the above Nottingham Building Society consent to let Advice
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
Failure 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 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 conditions are not complied with you may be in violation of 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 taking legal action against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Nottingham Building Society your property may be repossessed