Need Help?
Need professional advice for your consent to let with Nationwide Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Sample questions relating to Nationwide Building Society consent to let
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Colin (my husband) and I may need to let our Lambeth home for a while due to me taking a sabbatical. This will be temporary but perhaps for 4 years. Do I inform Nationwide Building Society or am I best advised to keep schtum?
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Exciting times as my better half and I are moving to Dubaiin Month, initially for a little as 9 months but it could be longer term. We have just applied to Nationwide Building Society for consent to let out the property (we have already found tenants). The mortgage has been in place with Nationwide Building Society for three years and no payments have ever been missed. Nationwide Building Society tell me, that even if they do agree, that this will be limited consent for 12 months. Do I then need to reapply?
- I want a bit of initial feedback to see consent to let is a feasible option. I bought my flat nine months ago by porting an existing Nationwide Building Society mortgage product. My fixed rate ended four months ago. I'm currently deliberating moving in with a new partner who has his own property and mortgage also with Nationwide Building Society, which I would not seek to be added to. I don't wish to sell my property yet because I'm unsure of whether the new move will work out. I don't want to move to a buy to let mortgage yet for 2 reasons: 1) I need to find out whether letting my property is a feasible option for myself and 2) I need to come up with extra capital to meet the 65% LTV ratio required for a BTL mortgage. Ideally I would like to obtain consent to let from Nationwide Building Society for 1-2 years in order to be more secure in becoming a possible landlord and to raise the capital. If at the end of the consent to let period I was unsure I would probably either sell my property or, depending on the new relationship working out, resume living there.
- To what extent do the estate agents we rented through have a a legal obligation to have checked that the landlord sought consent to let from Nationwide Building Society?
- Are you able to give me some preliminary advice re consent to let? We have a Nationwide Building Society mortgage and are thinking of leasing the place out for two years, but cannot really afford to change to a buy to let rate. The estate agent mentioned something about a content to let
- I have a domestic mortgage with Nationwide Building Society and my circumstances have changed due to family, can I obtain consent to let. What changes will affect me?
- We are about to buy a place and plan to live in it once we have renovated but we may need to let the property out but not clear on what the rules are on consent to let from Nationwide Building Society? We don't require a buy to let mortgage because we are not certain if we will need to let it out at all
- Are you aware of any flexibility in the accepted equity ration before switching from an existing Nationwide Building Society mortgage to a consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting the above Nationwide 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
One thing to remember when arranging a consent to let mortgage with Nationwide Building Society is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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 Nationwide Building Society