Need Help?
Need professional advice for your consent to let with Newbury Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Examples of recent questions relating to Newbury Building Society consent to let
- I am looking to acquire a ground floor flat in Merton. I am only looking to live there for under a year, and then move into a larger property. Rather than sell the prior home I'd like to rent it out so that it form part of my investment portfolio. Do you know if Newbury Building Society would grant consent to let after half a year?
- The plan is to move in with my partner and I have let my property out to 2 tenants on a one year tenancy. I am now applying for consent to let from Newbury Building Society but what if they refuse. I can’t rescind on my contract in terms of not renting the students as they have all signed up. On the flip-side Newbury Building Society could take action for breach of contract i.e. renting it out without consent to let.
- I was going to phone Newbury Building Society to ask if they have a Consent to Let application they can send me to complete.. However,I thought I would explore online. I was wondering if there is anywhere I could download this form on the net?
- Is it right that lenders (I have a mortgage with Newbury Building Society) may start adopting a more lenient approach towards consent to let? A mortgage adviser recently informed me that Buy to let mortgages are not regulated by the FCA whereas residential mortgages are. Therefore if I switch from a standard to a BTL I am moving to a regulated product. His belief was that under the current regulation lenders are reluctant to allow customers do this, which is likely why some lenders will allow borrowers apply for consent to let but not swap to a Buy to let product. Is he an accurate assessment?
- I have just got married and I am in the process of buying out 100% of my co-ownership mortgage with my wife. As a result we have now been given a 90% loan to value on our house. We want to buy a larger home. Will it be possible to get a consent to let on my new mortgage with Newbury Building Society to allow us to get a mortgage also with Newbury Building Society for a new home?
- 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 6 month thing before consent to let - does this apply to all lenders. Is there any way Newbury Building Society would allow it from the start?
- I have a mortgage with Newbury Building Society and am considering whether to sell or rent in the short term but don't have the equity for a buy to let mortgage at this stage. How feasible are consent to let options currently?
- Just a quick one. Will Newbury Building Society force me into a consent to let product whilst in a fixed rate product for twenty four months?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Newbury 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
If 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 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
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 conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in 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 Newbury Building Society