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.
Newbury Building Society Consent to Lease Example Support Desk Enquires
- Under what conditions will consent to let for a property be given via Newbury Building Society? For what period of time do you have to have had the mortgage before consent to let can be granted by Newbury Building Society? By way of background we are going abroad for a year and a half with my wife’s company and will need to rent our house. I am interested in getting a consent to let in the first instance with a view to renting the property out to offset the costs of the Newbury Building Society mortgage.
- I have a garden flat but I am rarely there, looking into the option of renting it out. The mortgage is with Newbury Building Society, would I have to move onto a new mortgage rate or should I apply for consent to let?
- Having spent twenty years in the capital, I'm considering relocating to be nearer to family. We've only been homeowners for the last two years and about to renew our mortgage with Newbury Building Society. In Merton, we are be looking at a 3-bed house around the £250k mark. Ideally, we would like to keep hold of my existing apartment. Could I ask for Consent to Let from the proposed new lender Newbury Building Society. If granted what are the likely requirements?
- My OH and I might have to rent his studio flat out. I realise that I need a consent to let by Newbury Building Society. We plan to join a landlord association if we decide to let the flat, but which of the two should we join? We've seen the RLA and National Landlords Association.
- How simple is it to obtain a consent to let from Newbury Building Society and what does it cost? If I want to let out my property for three months how easy is it to fluctuate between a owner occupier mortgage and consent to let?
- Is it the case that a prior extension to a mortgage term with Newbury Building Society be held against us once we sought consent to let from Newbury Building Society.
- Do I require consent to let if I let to a family member (in my situation my mother now lives there and contributes towards the Newbury Building Society mortgage)?
- Just wanted to know what needs to be provided to Newbury Building Society in order to get consent to let? I just finished a three year fixed mortgage and potentially moving to another flat with my girlfriend.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Newbury 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
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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
If you do not keep up the payments on your mortgage with Newbury Building Society your property may be repossessed