Is it a colony nest, the type which is about 6" across? Or is it one of the small ones, about hens egg size, which hangs from a single stalk? For the first kind, I would get the pest controllers in, if you can't wait until the wasps die off, in 2-3 months. I'm a scaredy cat when it comes to wasps, and the thought of being pursued by a nestful of vengeful wasps really doesn't appeal.
The little nests are fine to leave there - we've had them in garden sheds and the hen houses and they don't bother anyone, then abandon the nest on the autumn.