Need Help?
Need professional advice for your consent to let with Newbury 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 Newbury Building Society consent to let
- Can you confirm whether it is possible to obtain a consent to let with first time buyer mortgage with Newbury Building Society? My wife and I are intending to move to Barnet to live closer to our son's college, but we are uncertain if the relocation will be permanent.
- I bought a garden flat in 2014 with a Newbury Building Society loan but want to let out the property. I have got parking issues there. Do I require consent to let fromNewbury Building Society?
- Ever since 2014 I have had a Newbury Building Society mortgage with my twin and am looking to move out and get a new mortgage with my partner. How do I proceed with leasing out my room? Would I need consent to let by Newbury Building Society? My twin will stay in the flat
- How long after taking out a new mortgage do I have to wait before I can seek consent to let from Newbury Building Society? To give some background I purchased my apartment in Greenwich nearly two years ago and am currently on a three year fixed rate. Not long after I met my partner and now we are looking at moving in together. I am planning to get a better fixed term next July. I presume that I would have to wait at least half a year before I could request a consent to let. Is that right?
- Newbury Building Society homeowner mortgage. Will they issue consent to let a house for a couple of years? I plan to return as an occupier.
- I have Newbury Building Society mortgage and am considering leasing out the property. I understand I would need a consent to let to do this...is that true ?
- I would like to buy a new house but can't afford to sell the current property with a Newbury Building Society mortgage. Do you know acceptable terms for Newbury Building Society to issue consent to let? Is getting married and having kids a good enough reason to make the request?
- I am going away for work for as long as a year... I was wondering if I was able to procure from Newbury Building Society consent to let the house out while abroad as I do not want to leave it unattended for that period
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Newbury 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
Where 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 invalid. 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 breach of your covenants under 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 commencing legal proceedings against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Newbury Building Society your property may be repossessed