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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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In a worst case scenario what action New Life Mortgages can take if I have Sublet my flat if consent to let is not first obtained?
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Finding myself in an impossible situation with a Consent to Let home loan. Having sought consent to let the lender has requested evidence of a signed Assured Shorthold Tenancy before they will grant permission. If I get a signed tenancy agreement would I not be violating the lender’s terms and conditions?
- My twin and his girlfriend currently lodge with me at my two bedroom maisonette. Next Summer I would like to move out of the flat and in with my partner. How likely is it that I will be able to get consent to let from New Life Mortgages after only having the mortgage for six months?
- I have a property in Newham with a New Life Mortgages mortgage but have not lived there for a while. My brother moved in but is there rent free. I currently live in rented accommodation and am keen to buy a house. I have come across a great property at an attractive price. I have enough of a deposit to use on the house I am interested in but would be hard pushed to pay enough off the old property to change it to a buy to let loan simultaneously. Can I switch the current New Life Mortgages mortgage for my old flat into a consent to let and use my savings to pay a larger deposit for the homeowner mortgage on the property that I am looking to purchase?
- If I were to apply for consent to let from New Life Mortgages what is the time scale New Life Mortgages would take to make a decision?
- I want to take in in a lodger for my two bedroom second floor purpose built maisonette in Greenwich which I live in. My mortgage is with New Life Mortgages. Will they grant consent to let?
- I want to get consent to let from New Life Mortgages for a couple of years at which point I hope to move onto a B2L. Is this possible
- I'm mulling over a remortgage offer with New Life Mortgages and it's likely I will end up asking for consent to let during the fixed period. Are there any penalties I should consider?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above New Life Mortgages consent to let information
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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them could result in your insurance becoming invalid. 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could trigger 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with New Life Mortgages