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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.
Recently asked questions relating to Nottingham Building Society consent to lease
- I need to switch my homeowner mortgage with Nottingham Building Society to a consent to let and looking for some guidance... I purchased my first property in London in 2009. After a new job opportunity I moved to Edinburgh, and 6 months ago got a residential joint-mortgage with my partner. I am inclined to stay with Nottingham Building Society and seek consent to let rather than attempt to apply for a new mortgage elsewhere, but if Nottingham Building Society turn me down what lenders can I approach.
- Having spent ten years in the capital, I'm considering relocating to be nearer to family. We've only been homeowners for the last two years and about to renew our mortgage with Nottingham Building Society. In the relocation destination, we are be looking at a 3-bed property around the £350k mark. I would preferably like to retain my existing apartment. Could I ask for Consent to Let from the proposed new lender Nottingham Building Society. If granted what are the likely conditions?
- After retiring last month I acquired a “retirement home” for my wife and myself to move to. We would like to let our current property to our son and I have therefore applied to Nottingham Building Society for consent to let. I was just seeking a general view on whether Nottingham Building Society currently allows it?
- We have a residential mortgage with Nottingham Building Society that we are having problems gaining consent to let as a result of being in Hong Kong and renting out the property such a long time ago without their approval which was an oversight by us. We have a <45% LVR and have been making overpayments of £500pm for 5 years so we are not in arrears. We would happily swap onto a buy to let mortgage with Nottingham Building Society at a loaded rate however that has not been offered to us.
- Can you help me understand the requirements that Nottingham Building Society set for consent to let? Are you able to assist?
- I have a letter to Nottingham Building Society requesting consent to let signed and ready, but I'm not sure what address I should mail this to. Can you please help me with the address?
- I am currently remortgaging and exploring the flexibility of certain lenders when it comes to consent to let. Nottingham Building Society is one of the lenders I am considering. How accommodating are they when it comes to consent to let?
- I might potentially need consent to let from Nottingham Building Society in the future with work. I am just checking what the options would be if this was the case. Is there a limit on the length one can let out your property with consent?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Nottingham Building Society consent to let Questions and Answers
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
Should the tenure of your property be 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 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.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them taking legal action 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