Need to obtain permission from NatWest to rent my house out

kingstreet

Remember, if you plan to sell for less than the amount of the outstanding mortgage, you must get the agreement of your lender and devise a plan to repay the shortfall before they will permit the charge over the property to be lifted.

Werdnal

So thats atleast 3 different repies with 3 different quoted charges from Natwest. OP, you can see what I mean about it varies from case to case and they will give you the CTL on the merits of your own circumstances, so only way you will definately know is to apply and ask them.

kingstreet

Kiran wrote: »

I have just completed the Natwest consent to let form. It is a straightforward form and they were quite quick getting back to me. They add £30 to your loan value as an admin fee although you can pay this direct if you wish. With natwest you get 6 months free and after that they add 1.5% to the interest of the loan value.

HTH

NatWest?

Are you sure?

That sounds remarkably like Nationwide Building Society consent to let policy.

Kiran

kingstreet wrote: »

NatWest?

Are you sure?

That sounds remarkably like Nationwide Building Society consent to let policy.

Sorry, my mistake. Nationwide. OP ingnore my previous post

Miss_Fox_2

pinkshoes wrote: »

Of course it's a possible option!

Trust me, the BEST option is to sell it and move on with your life, even if that includes a bit of a debt!

Put the price down to "offers in excess of £90k" and see if that generates lots of viewings.

Remember, you don't HAVE to accept an offer...

If it sells for £90k, then you will be £12k short on the mortgage and £3k selling fees, so you and your ex both need to take a loan for £7500 each to pay off this shortfall.

It's not too big a debt, so with some penny pinching, hopefully you'll be able to pay it off quickly...

You could always post the rightmove link on here if you want some honest opinions and help on how to sell it!

... And if neither of us are accepted for this said loan you suggest?

kingstreet

Speak to the lender. They may agree a repayment plan with you for any shortfall, but this MUST be done before you attempt to sell for a lower amount than is outstanding.

Miss_Fox_2

Thanks! Currently giving the ex an ultimatum of Either we tell NatWest and hope we're approved (he's a moron, he thinks we can just rent it out and not tell them) or we get a loan each so we have a minimum offer we can accept that works for us! That's is a loan is an option for either of us.

Moron. Moron. Moron. Trust me, I'd rather get rid of him and the house once and for all!!

pinkshoes

Miss_Fox wrote: »

... And if neither of us are accepted for this said loan you suggest?

Go talk to the bank, explain the situation, and see what they say.

If they agree to a loan to cover any shortfall (or any other lender for that matter), then opt for the sale.

In these situations, it is SO much better to be rid of any financial tie to the ex.

Also, if you end up with any vacant period, or a tenant not paying rent, then who is going to foot the bill? The whole renting thing could create a very difficult situation should any issues arise!

Werdnal

pinkshoes wrote: »

Also, if you end up with any vacant period, or a tenant not paying rent, then who is going to foot the bill? The whole renting thing could create a very difficult situation should any issues arise!

ITA! It sound by what OP says that Ex is interested in the £££ that renting might bring in, but will wash his hands of any grief or hassle caused by the tenants, leaving OP to sort out arrears, damage, eviction and any other pains in the !!!!! that letting can bring. Can't see him stumbling around there at 3am when tenants ring saying they have a burst pipe ...

If you are looking to make a new start, do not leave yourself tied to the Ex, if a few years of scrimping to pay off a loan/repayment plan, will leave you free to get on with your life!

Miss_Fox_2

Selling the house isn’t an option, neither of us can get aloan so it’s simply just not an option. We have to let it out.

He already owes me £1,500 on a personal loan that I took outwhen we were together so we could get a new bathroom put in. He always said ifthe house sold and there was profit he’d pay me back. Seeing at that’s nothappening I asked last night if he’d be willing to start paying it and hecompletely flipped and point blank isn’t going to pay anything back. I spentthe entire night in tears and all morning on the train. We’ve gone from beingcivil, back to him absolutely hating me, claiming he’s the victim and giving menothing but verbal abuse. He’s horrible. I’m stuck, there’s nothing that can bedone. We broke up in 2009, I just want it over with but it’s not possible. Ineed a lottery or bingo win…. I just want to be able to move forward with mylife and I can’t. I have a great boyfriend, we both have debts we’re workinghard to clear so one day we can get out own place but we can’t even do thatbecause I’m stuck with a complete nut case!

Most of my life is great, there’s this one part, him and thehouse, that just seems like I’ll never get rid of. And sorry for the rant, I'm in bits today.