Need Help?
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
- I've got a current mortgage with Nationwide Building Society coming up to 18 months and the fixed rate is due to come to an end. We are thinking of extracting equity from our present property to allow us to acquire a new larger home and then let out the current garden flat. The initial advice we received was that we ought to get a new domestic mortgage allowing for consent to let - can you clarify what is involved?
- I have a residential 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. Whilst on assignment I want to let out my property in Islington and move in with my sister when on shore. Will this be granted?
- What are the chances of Nationwide Building Society in granting Consent To Let on a ground floor flat? Agents have had it on the market for three weeks. I am keen to sell but I'm mindful that given the lack of interest I will have to get a tenant in to cover the mortgage to Nationwide Building Society (I do not now reside at the address). I would prefer to be up front with Nationwide Building Society than do it on the sly but I am worried as to how helpful they will be.
- My boyfriend and I (co-owners) are in the process of remortgaging with Nationwide Building Society. I was conducting some research concerning consent to let from Nationwide Building Society to understand the rules around potentially renting our current property out (probably in a year or 2) if we moved away. The apartment in question was a first-time purchase for us about two years ago. Currently we are living there.
- Can you help me understand what are acceptable reasons for leasing a property when it comes to seeking consent to let from Nationwide Building Society? Can you help?
- This is not a question specific to Nationwide Building Society but do lenders generally provide the information I need for my Buy to Let or Consent to Let self-assessment tax submissions?
- We have tenants ready to move in and I have mortgage offer from Nationwide Building Society on new house on condition of consent to let for original house. How long should it take to receive letter once I send back a completed application with cheque.
- Are you able to advise me how much the fees are and if Nationwide Building Society usually give consent to let without transferring to a commercial rate?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental 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
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 trigger 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 obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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