Need Help?
Need professional advice for your consent to let with New Street Mortgages? 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 Street Mortgages consent to lease
-
Jennifer (my wife) and I may need to rent out our Brent home temporarily due to me taking a sabbatical. This will be for a limited period but possibly for as long as 4 years. Must I notify New Street Mortgages or am I best advised to keep schtum?
- We have a residential mortgage with New Street Mortgages. This has been in place since 2007. We are potentially renting out our house and renting in a village near our daughter’s school until a suitable property becomes available to purchase. Do New Street Mortgages ordinarily give consent to let and do they apply an increase to the mortgage rate?
- Eighteen months ago my husband and I bought our council home, in Lambeth,recently valued at £220k. It's completely paid for from our own finances, mortgage fee. We are prohibited from selling (without penalty of losing some of our discount) before 5 years have expired. Regardless, we wish to hold onto it as a investment property to let out. We wish to release some equity via a New Street Mortgages mortgage. I am confident that my rental income would cover my monthly repayments so can I negotiate consent to let. is this something you can help me with?
- Meeting with my IFA on Friday. I am going to seek Consent to Let from my current lender New Street Mortgages. My new property in Haringey will be 75% LTV. Heard whispers that some lenders dont want consent to let borrowers and I may encounter difficulties regarding my new mortgage. Am I likely to encounter this problem?
- I wish to rent out my house. Do I just mail a letter to New Street Mortgages asking for consent to let out the home?
- I took a residential mortgage with New Street Mortgages - 40% equity or thereabouts. I am considering relocating due to a promotion and enquiring whether consent to let would be granted so I could rent out the house?
- I am thinking about moving in with my girlfriend but prefer not to sell my flat. How do I go about requesting consent to let from New Street Mortgages, and how likely is it that this will be obtained?
- Was wondering how to get a consent to let from New Street Mortgages who I have a mortgage with. There is an outstanding balance of 87k. The value of flat is 110k. Its in my name but my wife and I would like to purchase a garden flat in Enfield we have seen together. How do we go about it?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above New Street 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
One thing to remember when arranging a consent to let mortgage with New Street 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 regular 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
Should the tenure of your property be 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 the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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 New Street Mortgages