Need Help?
Need professional advice for your consent to let with Nottingham Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Nottingham Building Society Consent to Lease Example Support Desk Enquires
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Just wondered if Nottingham Building Society invoke a right to increase interest rates on a non-commercial mortgage that has just been approved for Consent to Let at any time, onto ‘rates equivalent to their BTL loans'?
- I have exchanged contracts with a developer for a property in which I was going to live in, but my employer has presented me with the opportunity to work overseas for three years, can I let the new property with consent to let from Nottingham Building Society.
- What is the process for obtaining consent to let from Nottingham Building Society? What evidence do they ask for? is there a fee to pay? How long the consent is valid for? Do I need to renew it every year? What if I obtain a consent but decide to sell the property rather than rent the property out?
- At the moment have a three year fixed term home loan with Nottingham Building Society that we're about eleven months into. Our circumstances have now changed and we would like to rent out our house for a year and whilst we relocate to Camden. How do we minimise the risk of Nottingham Building Society rejecting consent to let.
- Do you specifically deal with enquiries regarding Nottingham Building Society or all of them?
- Nottingham Building Society domestic mortgage. Will they grant consent to let a property for a couple of years? I reoccupy as a resident.
- 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 half year rule before consent to let - does this apply to all lenders. Is there any way Nottingham Building Society would allow it at the outset?
- I am considering relocating with work and would need to rent my property out. I have a mortgage with Nottingham Building Society. My property is worth approx £200k and owe £48k on it. Do you think Nottingham Building Society increase my mortgage rate?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Nottingham 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
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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Nottingham Building Society