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Need professional advice for your consent to let with Nedbank Private Wealth Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Nedbank consent to let: Q and A’s
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I purchased a flat in 2007 for £147,000 with Nedbank. My husband’s job requires him to relocate to Belgium and now wish to apply for consent to let from Nedbank. Do you have any experience of consent to lease from Nedbank?
- I need to move my daughter’s school by early-January and move to a new area. I don't have time to find a buyer for my house.The only way I can see of doing it is to rent my property out. Currently I have standard occupiers insurance. Do I need different insurance? What should request from Nedbank regards to consent to let?
- For four I have a I have had a mortgage with Nedbank. My other half has recently acquired a house in Merton and I have the chance to live with him. Can I rent out my flat with consent to let in case I need to move back? Also what legal documents must I provide Nedbank with when completing the consent to let application?
- We may need to lease our home out for a while due to a career opportunity. This will be for a limited period we would possibly like a consent to let our property. We already have a Nedbank mortgage. What are the fees involved and time limits on consent to let agreements?
- I have to send the consent to let form by courier and wanted to know if Nedbank have a regular mailing address I can use as couriers usually will not accept deliveries to PO Box addresses.
- My fiance and I have a standard variable rate mortgage with Nedbank and are deliberating on obtaining consent to let so that we can apply for another mortgage on another property that I own on a buy to let basis. Ahead of applying We would be interested to know the connotations of making the change and any facts that we need to consider.
- We have a new mortgage however my girlfriend doesn't feel safe in the property due to other tenants in the block. I know that many lenders have a half year rule before consent to let - does this apply to all lenders. Is there any way Nedbank would allow it from day one?
- We took out a mortgage with Nedbank a few months ago and although it's still early days we may have to relocate around next July or August and would like to be able to rent our house out. Is this possible with a non-commercial mortgage?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Nedbank consent to let information
Tax and Legal
There may be various 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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them commencing legal proceedings 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 Nedbank