Need professional advice for your consent to let with Norwich and Peterborough Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Frank (my fiance) and I may need to let our Lewisham home for a while due to me taking a sabbatical. This will be for a limited period but perhaps for seven years. Should I tell Norwich and Peterborough Building Society or am I best advised to just keep quiet?
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.
One thing to remember when arranging a consent to let mortgage with Norwich and Peterborough 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
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Neglecting to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.