Need Help?
Need professional advice for your consent to let with New Life Mortgages Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Common questions relating to New Life Mortgages consent to lease
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Can one refinance on a consent to let with New Life Mortgages?
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Do I need consent to let from New Life Mortgages or can I let my basement flat without telling New Life Mortgages and being forced to transfer to a buy-to-let loan?
- I'm just looking here for a my brother as he’s at work who has a mortgage with New Life Mortgages. He wanted to find out if there is a fee for consent to let? He has been in his property for two years but has been offered a job abroad away for a two year contract and is considering renting the house out while he is away.
- I would like to rent out my existing property and want to buy a bigger house for the family. I have a fixed rate mortgage with New Life Mortgages. On the basis I get the consent to let as I understand banks are more than likely to push me towards getting BTL mortgage when the fixed term is finished. Could I refinance after a couple of years with an alternative lender? What implications does that have aside from the higher rates - do I need a higher equity ratio in the property too ie lower ltv?
- I am trying to investigate if it is possible to get a consent to let home loan with New Life Mortgages rather than a buy to let mortgage
- I would like to know if I have a domestic mortgage with New Life Mortgages and decide to lease it out, does the rate increase and are there any supplemental fees for seeking consent to let.
- I am looking at some alternative lifestyle. I have a New Life Mortgages mortgage, if I become a US resident but wish to rent my UK house, ...what do I need to do to get consent to let. Can this be obtained on the phone ?
- I have a domestic mortgage with New Life Mortgages. I bought the property in November two years ago. What are the options and criteria for consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above New Life Mortgages consent to let Info
Tax and Legal
There are numerous potential 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with New Life Mortgages your property may be repossessed