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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.
Nationwide Building Society consent to let: Q and A’s
- My twin intends to rent out his flat out without consent to let from his mortgage provider Nationwide Building Society. He has been on an interest only loan for about 8 years now. Currently owes £112k, having bought the flat for around £110k. In the absence of obtaining consent to let by Nationwide Building Society, exactly what sanctions does he risk?
- My husband and I have just sorted our rates for another fixed period with Nationwide Building Society. Some weeks later, I attended an interview and basically I accepted the job offer in Southwark. I'm going to rent a small flat for the family in Westminster as we don't wish to sell the house and moreover we might come back within a couple of years.... We really don't know whether it will work out. We called Nationwide Building Society but we would appreciate your take on the situation. Is it possible to get consent to let in that case as we secured a fixed 5 years rate we really don't want to change.
- If a landlord chooses to lease out their property without consent to let via Nationwide Building Society - what, if any implication could there be for an agent acting on their behalf?
- I'm nine months into a two year fixed mortgage with Nationwide Building Society. The LTV is only 35%. I've found a really good deal on a one bedroom apartment in Bexley which I would not want to miss. It seems the only way to purchase the other property is to take out some good chunk of equity. I would let the current property which would more than cover the mortgage with Nationwide Building Society. Is it possible to obtain consent to let from Nationwide Building Society and ask for additional borrowing after it's let out?
- Me and my wife are thinking about applying to Nationwide Building Society to obtain consent to let our home, how long does it take from the point of submitting the application to us finding a letting agent and listing our house for rent? and are there any further steps we will need to take?
- I am already renting out my property but may have sussed what has been going on. I have five months remaining on my fixed rate. Is it simple to get consent to let from Nationwide Building Society. Is it just a quick phone call, pay the fee and it's done there and then?
- I recently purchased a one bedroom second floor purpose built maisonette in Wandsworth. I am first time buyer. I am moving Paris next month, can I get consent to let from my lender Nationwide Building Society or do I have to wait six months?
- Are you able to shed light what the procedure would be if we bought a second home and need to get consent to let for our existing mortgage with Nationwide Building Society
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Nationwide Building Society consent to let Advice
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 regular 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under 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