Will C&G let me rent out my flat?

alared

The best advice seems to have come from Socrates in post #4

alared

happybroker wrote: »

If you want sensible advice which is what this forum is about then you do things by the book

Yes,just the way the banks do :rotfl:

happybroker

windowwindow wrote: »

Words are being put in my mouth!

If you read my post I have no intention about letting without consent - thats why I'm worried - if they say no, I can't move in with my boyfriend.

I wanted was reassurance more than advice - I know what I need to do, I just value the experience of the many helpful people on the board and thought some of the MAs might be able to tell me that C&G usually do give consent to let in situations like this with few conditions, or alternatively that they do usually require a valuation, and rent cover etc.

Forget about it. Consider this closed.

I think we are cross purposes here window, I am certainly not trying to put words in your mouth or cause any offence but seek only to give you as much correct information as is possible.

Statements like the one made about letting without consent aren't helpfull and I'm glad you obviously see that this would be a foolish course of action.

C&G in my experience do often give consent and will impose conditions such as maximum tenancy periods, tenant types (no DSS etc) and may well charge a fee annualy for renewing their consent. I haven't heard of them asking for a valuation to be done or a minimum rental figure though criteria changes almost daily at the moment and this could change.

C&G will think nothing of you getting all of this information directly from them and should be able to send you a letter/ flyer confirming exactly what their current criteria is.

windowwindow

Thanks Happy Broker, thats exactly the kind of info I wanted.

charlie2517

Hi there!

Random - I read your post and it's a call I've just made to C & G this second (I want to move in with my boyf too!) and came on here to see if anyone knows if it's likely they'll say yes and saw this post. Form is being sent out will read and see. The lady told me the fee was payable if they agreed not for making the application. Is that what they told you OP?

xx

andrew09

How did you guys got on with the consent to let from C&G?

julesb1_2

Hi, I wanted to let my house and applied for consent to let from Northern Rock. They've turned me down today and I just wondered if anyone knows how to go about appealing their decision? From the letter they sent it's a definate 'no'. Are there any external bodies which could look into this on my behalf?

Thanx

Jowo_2

Several years ago, I switched my C&G mortgage from residential to buy to let when the application fee was £100. It was a brief form and there were a couple of conditions when it came to the rental, such as no contract over 3 years, plus they wanted to view the AST or have a note from a solicitor to say that it was okay. It was approved fairly quickly and took no other steps than that.

julesb1_2

N.Rock won't allow us to switch to 'buy to let'. They just seem to say 'no' to every idea we put to them.

We won't be able to let out our property though without their 'consent to let' :-(

Not really sure what our options are now. We've owned this house for 3 years and pretty much realised we'd made a huge mistake soon after moving in. The area is terrible, our friends and family all live about 30 miles away.

The only reason we bought it was because it was cheap, we were going to live here 2 years, do the house up and sell at a profit and then buy a nice house in the area I'm from - of course now due to the recession it doesn't work like this. Bought the house for 100 and it's now valued at 80 -85.

Can't afford to sell so thought we could rent it out and rent somewhere else ourselves to live in until the value goes up again enough to sell.

Now N.Rock won't give us permission so looks like we're stuck here. I really wanted to move home before my two boys start school (they're 2 and 3 years old). Don't want to send them to school out here :-(

Thrugelmir

julesb1 wrote: »

N.Rock won't allow us to switch to 'buy to let'. They just seem to say 'no' to every idea we put to them.

We won't be able to let out our property though without their 'consent to let' :-(

Not really sure what our options are now. We've owned this house for 3 years and pretty much realised we'd made a huge mistake soon after moving in. The area is terrible, our friends and family all live about 30 miles away.

The only reason we bought it was because it was cheap, we were going to live here 2 years, do the house up and sell at a profit and then buy a nice house in the area I'm from - of course now due to the recession it doesn't work like this. Bought the house for 100 and it's now valued at 80 -85.

Can't afford to sell so thought we could rent it out and rent somewhere else ourselves to live in until the value goes up again enough to sell.

Now N.Rock won't give us permission so looks like we're stuck here. I really wanted to move home before my two boys start school (they're 2 and 3 years old). Don't want to send them to school out here :-(

The easiest way could be to sell the house and repay the negative equity back to NR by means of a long term loan. If you discuss the matter with NR in a professional manner I'm sure that they will help.

Renting out your property in any form most likely will not make your financial situation any easier, possibly even worse.

What I'm suggesting is not easy. But once dealt with with would give you a far less stressful life.