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.
Examples of recent questions relating to Nottingham Building Society consent to let
- I am planning to contact my lender Nottingham Building Society explaining the following reasoning for me asking for consent to let ; "I am having difficulties paying the monthly mortgage amount and want to move back with my parents but can't sell. I wish to avoid failing to make payments and have considered handing over the keys. If you issued consent to let that may solve matters." What are the chances that this will result in a positive response?
- I have a homeowner mortgage with Nottingham Building Society and will be joining the Royal Fleet Auxiliary in January. This is a civilian manned fleet run by the MOD. I will be at sea four months on and three months in the UK. During my time away I want to rent out my property in Camden and live with my parents when on shore. I am confident that my rental income would cover my monthly repayments. Can you help?
- I have a mortgage with Nottingham Building Society however my husband and I will be relocating to the US in September. The mortgage is in my name yet it is my husband's job that is taking us abroad how do I answer the question: 'please indicate why you wish to let the property':
- Do the letting agents we rented through have a a legal obligation to have checked that the landlord obtained consent to let from Nottingham Building Society?
- I want to let out the attic in my apartment in Croydon. Do I require consent to let from my lender Nottingham Building Society?
- My wife and I have a consent to let letter that I have procured from my management company. I would think I need to attaching this with a letter to Nottingham Building Society with a view to gaining consent to let from them. What address shall I mail it to?
- Is consent to let a cheaper way of becoming a landlord? Isn't this a loophole for some borrowers to exploit?
- Last month bought my property and took out a mortgage with Nottingham Building Society but my boyfriend has asked me to move in with him. Would I be granted consent to let?
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 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 notify 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of your covenants under 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