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.
Frequently asked questions relating to New Life Mortgages consent to lease
- I have a residential New Life Mortgages mortgage and am looking to acquire consent to let as I would like to move to another flat belongings to me. It looks like you can assist. How do your fees work for this service?
- I would like to acquire a second property having recently purchased a garden flat on domestic mortgage. Intend to purchase in a few months time. I have been advised that I may need consent to let from New Life Mortgages, my existing mortgage provider? What is the best way to go about this and obtain the permission needed.
- My partner and I currently live in Melbourne and renting out our apartment in Havering. This is not something we planned but an opportunity presented itself and we took it. The rent received on the flat is not enough to cover the mortgage so we send back money each month to cover the shortfall. Anyway this morning I got a letter in the mail from our lender telling me that as the property is being let out and has been for nearly four years we will have to pay 1.5% interest on top of our current mortgage rate. We could sell up but this will not be easy as I am so far away. Could we remortgage with New Life Mortgages and get consent to let?
- Earlier this week I got a MIP from New Life Mortgages for a detached house. I have applied through Right to Buy. It is a 20 year mortgage. I am curious as to what is the main criteria New Life Mortgages adopt in order to grant borrowers consent to let? Is consent to let based on the rental yield of a property?
- My husband and I are 12 months into a five year domestic mortgage with New Life Mortgages. Just curious if it's ok to rent out the property on my current mortgage. Will New Life Mortgages grant consent to let?
- I may be looking to let out my property and wondered what I would need to do to negotiate consent to let from New Life Mortgages. I may be moving abroad for nine months.
- We would like to obtain consent to let on a house where we have a mortgage with New Life Mortgages. If issued, how long would consent be given for? In seeking consent to let from New Life Mortgages are we running the risk of them forcing us to change deal to B2L
- My wife and I may have to lease our home temporarily due to a new job. This will be for a limited period but no more than threeyears. Should I tell New Life Mortgages or do I keep quiet?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting 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 inform them may result in your insurance becoming null and void. 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 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 breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
If you do not keep up the payments on your mortgage with New Life Mortgages your property may be repossessed