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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.
Common questions relating to Nationwide Building Society consent to lease
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We have a Nationwide Building Society mortgage and are are up to date with payments, in gainful employment etc. Do you know how much the fees are and if Nationwide Building Society usually grant consent to let without porting the loan to a different deal?
- Under what circumstances will consent to let for a property be issued by Nationwide Building Society? How long do you have to have had owned the property before consent to let can be negotiated with Nationwide Building Society? By way of background we are moving abroad for 20 months with my husband's company and will need to rent our house. I am interested in gaining consent to let in the first instance to be able to renting the property out to offset the costs of the Nationwide Building Society mortgage.
- My partner and I are are looking to join the property ladder, presently renting. We would ideally like to buy a one bedroom apartment in Wandsworth. We want to move there, but will need to wait for a job - perhaps a couple of years. Would we need to get a buy-to-let mortgage? Would it be possible to have a domestic mortgage with Nationwide Building Society, because we intend to move there soon? Or could we move there for a couple of months, then start renting it with consent to let from Nationwide Building Society? I'm only willing to consider suggestions that are fully legal, and wouldn't breach the terms of the mortgage with Nationwide Building Society.
- I recently received a decision in principle from Nationwide Building Society for a mid terraced house. I have applied via a broker. It is a capital and interest mortgage. I wonder what is the main criteria Nationwide Building Society adopt in order to allow borrowers consent to let? Is consent to let based on the rental amount for a property?
- We are interested in understanding the Nationwide Building Society consent to let procedure and conditions for granting.
- I have had my mortgage with Nationwide Building Society for the past eighteen months and I am at present just wanting some insight as to whether gaining a consent to let is likely.
- I would like advice as to how to go about gaining consent to let from Nationwide Building Society and what, if any, fees apply.
- About to remortgage my property but I will potentially moving out in the next year and would be looking to lease it out. Is it possible to get buy to let or consent to let from Nationwide Building Society?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Nationwide Building Society consent to let Questions and Answers
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
Omitting 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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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 Nationwide Building Society your property may be repossessed