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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.
New Life Mortgages consent to let: Q and A’s
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Having endured living in a rough area for 3 years now, we are now looking to move. As disposing of the house will involve redemption penalties to New Life Mortgages of £4000, we thought that it would be sensible to let it out. So, we need to obtain a consent to lease from New Life Mortgages only 12 months. Will New Life Mortgages grant consent?
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Is consent to lease required from New Life Mortgages or can I lease out my basement flat without telling New Life Mortgages and having to switch to a buy-to-let loan?
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I was thinking of renting out my flat and generate some income while I am on vacation. It only a short term option for ten days. Do I need consent to let from New Life Mortgages?
- We are planning to lease out my apartment for 12 months from 10th October next year. Is there conventional wording for a letter I can use to write to New Life Mortgages to apply for consent to let.
- We are applying to change mortgage provider to New Life Mortgages for a fixed rate but during this period would need to rent the flat out for approximately 12 months. Do New Life Mortgages consent to let on fixed rate mortgages and if so, what are the procedures.
- My work commitments are changing and this could result in mebe in different countries a lot and as such I wish to get to grips with the process for applying for consent to let with New Life Mortgages
- 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 New Life Mortgages would allow it from the start?
- I am looking into the option of leasing out my property with consent to let from New Life Mortgages whist away travelling for six months
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting 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
One thing to remember when arranging a consent to let mortgage with New Life Mortgages is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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
If your property is leasehold, the lease may prohibit 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 trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform your co-owner of your intention to let could result in them taking legal action 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 New Life Mortgages