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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.
Questions and Answers: Nottingham Building Society consent to let
- Next month I will be emigrating to Dubai. Rather than sell my house, I would like to rent it out, just in case things don’t pan out. My present mortgage is with Nottingham Building Society. If I looked to refinance would a new provider consider this as me attempting to avoid a Buy To Let mortgage, of which there is very little availability for 80% LTV, and hence reject my application for Consent to Let?
- My partner and I may be presented with an opportunity to work in a different office in the UK for a couple of months and would like to know if we can rent our current property. It is a two year fixed rate and we are six months into the mortgage with Nottingham Building Society. We have lived at the property for over five years. Our LTV is 65%. What are the chances of obtaining consent to let from Nottingham Building Society? What charges can we expect to pay etc
- My husband and I currently live in NYC and renting out our property in the UK. This is not something we planned but an opportunity arose and we took it. The rental income is insufficient to cover the mortgage so we send back funds each month to cover the shortfall. Earlier today our lender got in touch telling me that because the property is being let out and has been for nearly four years we will have to pay 1.5% interest in addition to our current mortgage rate. One option is to sell up but this will be difficult as I am on the other side of the world. Could we remortgage with Nottingham Building Society and get consent to let?
- My husband and I have decided to rent our one bedroom second floor purpose built flat out. We have put an offer on a further property for us to buy and a tenant at the ready to move into ours. I believe I have to ask our mortgage provider Nottingham Building Society for consent to let. Is there a template consent to let request letter I can use?
- If we ask for a consent to let letter from Nottingham Building Society will we be made to convert to buy to let mortgage? Our mortgage is with Nottingham Building Society and as houses are not currently selling and we have seen one we like we were going to rent our home out in order to acquire the new and sell this one if the value improves.
- I will have to move to Miami for two years, I have a house with a Nottingham Building Society mortgage. Do I need to obtain consent to let? Will they willing to grant this?
- I wish to rent the attic in my apartment in Waltham Forest. Do I need consent to let from my mortgage provider Nottingham Building Society?
- What are the implication if a borrower has already let the property for a number of years as an HMO and now wish to go legit with Nottingham Building Society by getting consent to let ? (assume Nottingham Building Society had in the past issued a standard mortgage on it some time ago)
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Nottingham Building Society consent to let information
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
One thing to remember when arranging a consent to let mortgage with Nottingham 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
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 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
Omitting to advise 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