Need Help?
Need professional advice for your consent to let with Newcastle 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 Newcastle Building Society consent to lease
- I am planning to email my lender Newcastle Building Society setting out the following logic for me asking for consent to let ; "I am struggling paying the mortgage and want to move back with my parents but can't sell. I wish to avoid failing to make payments and have thought about handing over the property to you. If I had consent to let that may solve matters." What are the chances that this will result in a positive response?
- We recently sorted our rates for another fixed five years with Newcastle Building Society. However, I attended an interview and basically I accepted the job offer in Enfield. I'm going to rent a small flat for me and my family in Croydon as we don't want to sell the house whist there is a chance that we come back before two years.... We really have no idea whether it will work out. We have contacted Newcastle Building Society but we would like also your point of view please. How is it to receive consent to let in that case as we secured a fixed 5 years rate we would not want to swap this.
- What is the maximum period of time allowable to Newcastle Building Society that I would be able to let my property before having to change mortgage or sell my house? In essence, my boyfriend has asked me to move in with him and I really don't want to sell my house. I would like the security of knowing I still own my own home.
- My understanding is that this is a contravention of Newcastle Building Society terms and conditions of mortgage if I let out my property having indicated that I intend to live there. The plan is to have the mortgage fully paid off after five years, by which time I will become the outright owner, meaning I no longer require any consent to let. Newcastle Building Society advised me I can overpay as little as I like during the agreement. I have someone who wants to rent the property. What is the likelihood of Newcastle Building Society finding out? Can you set out repercussions of not obtaining consent to let? From what I have read there is a possibility of Newcastle Building Society insisting that the property to be sold (however it seems generally accepted is that this is unlikely to happen and adding charges even backdating is more probable)
- I am looking to Newcastle Building Society to grant consent to let out my studio flat in Camden. I am moving in with partner, cant sell property
- I have a mortgage with Newcastle Building Society on a three year fixed term contract. I may have chance of a teaching job in Belgium next year. Would I be eligible for consent to let from Newcastle Building Society were I to accept this job abroad?
- Can I remortgage to Newcastle Building Society from my existing provider, with a consent to let or do I need a let to buy loan, and if so what are the LTV's?
- What, if any, income requirements do Newcastle Building Society set for consent to let on an existing standard mortgage?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Newcastle Building Society consent to let information
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
One thing to remember when arranging a consent to let mortgage with Newcastle 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 regular 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
Should the tenure of your property be 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 violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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 Newcastle Building Society