Permission to let has lapsed!

AFK_Matrix

I would think the 3% is for a BTL mortgage which isn't the same as Consent to Let.

Pixie5740

mcauley wrote: »

Thanks everyone. I'll investigate the tax thing ASAP:/

So if nationwide aren't taking on any BTL - what do you think they'll do in my case? Just add on the 3%? That'll double my payments.

I have no idea why they told me I'd be paying this much extra when all other research I've found online since yesterday says that their consent to let charges are 1.5%? Can anyone shed any light on this?

Nationwide won't want to make a loss by forcing you to sell the property for less than the value of the outstanding mortgage. They might increase the mortgage interest rate though.

You mentioned an equity loan of 17.5%. I understand that they take 17.5% of the selling price but what if you sell at a loss? Do they take part of the hit?

mcauley wrote: »

My tenant would forward my mail I reckon. Apart from drying her laundry on the radiators and causing damp patches and letting the garden go to !!!!, she seems ok.

I wouldn't worry about the damp and garden too much. Just use the dual-signed inventory taken at the start of the tenancy to prove the tenant caused damage over and above fair wear & tear when she eventually moves out. Then you can apply to whichever DPS you've used to deduct money from her deposit.

Might be worth setting up a postal redirect just in case.

ANDRUAFER

Ok so because I haven't heard from them I'm pretty sure they're sending mail to an address which I no longer live at (the first one I moved to after leaving my house- I've since moved again). This means I will have to make contact with them. Any suggestions for how I put it to them? Simply say I've moved back to the house a year ago and send any new mail to there?

TIA

ANDRUAFER

Yes the equity loan was under the openmarket homebuy scheme which is now obsolete (well, my 17.5% version is). It simply means I have to pay them 17.5% of the overall property resale price but my understand of nod at that if this is less than what I bought it for, they also take a hit. I hope to god I've not misunderstood this!

Pixie5740

mcauley wrote: »

Ok so because I haven't heard from them I'm pretty sure they're sending mail to an address which I no longer live at (the first one I moved to after leaving my house- I've since moved again).

Yet another reason why you should pay for a postal redirect.

mcauley wrote: »

This means I will have to make contact with them. Any suggestions for how I put it to them? Simply say I've moved back to the house a year ago and send any new mail to there?

TIA

Lying to your mortgage provider is a swell idea. I say go for it OP.

ANDRUAFER

Pixie why are you being so harsh? I am trying to do the best I can here!

ANDRUAFER

I've already explained to you that I can't rent, can't afford a 3% hike, can't move back there. Instead of snidey remarks - why don't you suggest something i could do that won't leave me up the creak???

Pixie5740

I have given you several helpful pieces of information. I have suggested that you sell the bloody property as you can't afford it. Others have already suggested you sell it. You don't have a clue what you're doing as a landlord which isn't fair on your tenant. Borrow the difference if you have to.

If this is your best effort I'd hate to see it when you're not trying.

Pixie5740

mcauley wrote: »

I've already explained to you that I can't rent, can't afford a 3% hike, can't move back there. Instead of snidey remarks - why don't you suggest something i could do that won't leave me up the creak???

You're trying to get a bunch of internet strangers to tell you that it's ok to lie to your mortgage provider. Good luck with that.

mrginge

mcauley wrote: »

I've already explained to you that I can't rent, can't afford a 3% hike, can't move back there. Instead of snidey remarks - why don't you suggest something i could do that won't leave me up the creak???

1. Do nothing and hope they don't finally catch up with you.
2. Ring them up, give them some BS about you now living there, Hope they don't check and flag you for mortgage fraud.
3. Ring them up and explain. Ask for an extension on CTL.

You are already up the creak. You'll be further up it if you try 1 or 2.