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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.
Recently asked questions relating to Nationwide Building Society consent to lease
- I have a normal mortgage with Nationwide Building Society and will be joining the Royal Fleet Auxiliary in March. This is a civilian manned fleet run by the Ministry of Defence. I will be at sea four months on and three months in the UK. During my time away I want to let out my house in Barnet and live with my mum and dad when on shore. If Nationwide Building Society refuse are there lenders that might be amenable?
- I am buying a three bedroom ground floor purpose built flat in Lambeth. My intention is to be there for a year, and subsequently move into a larger property. As opposed to disposing of the prior apartment I'd like to rent it out so that it becomes an investment. Do you know if Nationwide Building Society would issue consent to let after half a year?
- I'm looking to remortgage our old maisonette, currently occupied with tenants under consent to let from Nationwide Building Society, onto a BTL rate as we will not be moving back into it now since we have our family home. So, I'm assuming I need a specialist broker for this and I am not really au fait with what is on offer in this area. Are you able to recommend a good broker service specialising in BTL?
- To what extent do the letting agents we rented through owe us a duty of care to have checked that the landlord sought consent to let from Nationwide Building Society?
- How easy is it to get a consent to let from Nationwide Building Society and what are the fees? If I want to let out my property for two months how easy is it to chop and change between a normal mortgage and consent to let?
- My wife and I have a consent to let letter that I have attained from my management company. I would think I need to attaching this with a letter to Nationwide Building Society with a view to obtaining consent to let from them. What address shall I forward it to?
- We have a new mortgage however my girlfriend doesn't feel safe in the property due to other tenants in the block. I know that many lenders have a half year rule before consent to let - does this apply to all lenders. Is there any way Nationwide Building Society would allow it from day one?
- What, if any, income criteria do Nationwide Building Society set for consent to let on an existing homeowner mortgage?
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 information
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
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
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from 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
Neglecting to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Nationwide Building Society