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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
- I previously got consent to let from Nationwide Building Society in 2011 but never used it and have since remortgaged to a new bank. I recently applied for consent to let. I was informed that it would be given since I met the criteria. Yet recently got a letter advising me that I need to supply a letter from the DWP indicating that that are aware of my current situation before they can provide authorisation. They said this is policy but I have not been able to find these conditions on their site. I did complain about the inference 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 £25 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 discontinue claiming
- I intend to relocate to another property, I have been at my current property for 18 months. Is there a minimum time to spend at a property before Nationwide Building Society will give a consent to let?
- I sought consent but I did not get it as I did a remortgage in September but Woolwich does not give consent if mortgage is less than 6 months old. Now I am worried when 6 months is gone are they going to find some additional criteria that will not be ok. As a backup plan I can remortgage with Nationwide Building Society but will they give me consent straight away?
- As we are relocating and failing to find a buyer for our property, we are considering renting it out. Is it necessary to disclose this to Nationwide Building Society? If we do, I think they will want to change our mortgage to buy to let and load the rate which we can't afford. I was thinking that as long as I continued paying on time it shouldn't be a problem, but am now concerned about insurance ramifications if I have let my property out on the sly. Any thoughts?
- I have a mortgage with Nationwide Building Society and am considering letting it for eight weeks while on holiday. Will Nationwide Building Society consent to this?
- I am thinking about moving in with my partner but prefer not to sell my flat. How do I go about getting consent to let from Nationwide Building Society, and how likely is it that this will be granted?
- I was just enquiring how to obtain consent to let from Nationwide Building Society...do I call them or write a letter to them?
- I am planning on relocating inside the next 7 months and want to let my flat out. My interest rate is fixed with Nationwide Building Society. I am concerned that a rate hike would be too much if that was linked to getting consent to let
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to 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
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 could result in your insurance becoming null and void. 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
If your property is 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
Failure to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Nationwide Building Society your property may be repossessed