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.
Frequently asked questions relating to Newcastle Building Society consent to lease
- I have a friend who is talking about renting their property out and moving in with partner. She has a house in Ealing and has a £95k mortgage with Newcastle Building Society. What would she need to do to get consent to let if she decides to move forward.
- We are a young couple and we have identified a home flat in Hillingdon that we like and want to get a mortgage with Newcastle Building Society. The issue is that I am pregnant and about to give birth any time soon as I am on my 9th month of pregnancy. This wouldn't make it impossible for us to move straight away so we are considering living with my mum and dad for about six months. In the meantime, if we buy this property, we can rent it out. We just wondering how will that work out? Will we be liable to obtain consent to let by Newcastle Building Society
- My colleague intends to rent out his apartment out without consent to let from his mortgage lender Newcastle Building Society. He has been on an interest only mortgage for about 8 years now. Currently owes £110k, having bought the flat for about £125k. In the absence of getting consent to let from Newcastle Building Society, exactly what sanctions does he risk?
- I am in the Royal Air Force and am looking to acquire a house with a Newcastle Building Society mortgage. I would like to get consent to let the property to my mother and father in law. In years to come I plan to reside in the property myself when my military career comes to an end. Is this achievable?
- How do I go about procuring consent to let by Newcastle Building Society? Is there certain policies for instance you must have owned the property for a year before its given?
- In the event that I was successful in obtaining consent to let from Newcastle Building Society, can I sell during the consent period? Is it possible that I would incur any charges?
- I am intending on relocating inside the next eight months and want to rent my house out. My mortgage rate is fixed with Newcastle Building Society. I am worried a 1% increase would be too much if that was a condition of getting consent to let
- I hope you can help What do my wife and I need to do to get consent to let from Newcastle Building Society? And how much equity is needed?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Newcastle Building Society consent to let Advice
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 inform 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
If your property is 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 violation of your covenants under the lease. This could trigger 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 Newcastle Building Society your property may be repossessed