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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.
Top Five Questions relating to New Street Mortgages consent to lease
- I've got a current homeloan with New Street Mortgages approaching 3 years and the fixed rate is about to come to an end. We are considering taking equity from our existing place to enable us to buy a bigger house and then let out the current garden flat. We have had initial advice that we ought to get a new domestic mortgage with a consent to let - can you clarify what is involved?
- Me and my partner have a flat in Havering which we acquired off-plan approximately twelve years ago. As childen are growing up we need a larger home. We've identified a house in Redbridge that we would like to buy and want to keep the flat as an investment to rent out. The mortgage is with New Street Mortgages and we've found a tenant who will pay rent which more than covers the monthly mortgage payment. The question is, can we keep the repayment mortgage with New Street Mortgages so we effectively paying off our loan on the flat or do we have to switch to a buy-to-let product?
- I wish to know what the policy is for New Street Mortgages for consent to let. I have come across different suggestions in relation to charges and rates. I need to relocate for career reasons but can not sell the house due to a depressed market.
- How long after getting a new mortgage will a consent to let be likely to be granted by New Street Mortgages? To give some history I bought my apartment in Enfield 2 years ago and am currently on a fixed term for 3 years. Not long after I met a guy and plan to move in to his place. I am planning to get a better fixed term next December. I assume that I would have to wait at least half a year before I could seek consent to let. Is that right?
- We are trying to find out which lenders are best for granting consent-to-let without raising rates, and hopefully allowing more than two years if required. Is that something you can assist me with? We are particularly interested in New Street Mortgages
- Me and my wife have a mortgage with New Street Mortgages but am told they have a stipulation that they do not give consent to let the property to a local authority. Is this true and if so, is there a method round this?
- Is it possible to negotiate a consent to let from New Street Mortgages if I have an existing mortgage which has been in place for twelve years?
- We are interested to find out more regarding consent to let from New Street Mortgages. Would an acceptable reason be parking problems and the house is too to small for me?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above New Street Mortgages consent to let Info
Tax and Legal
There may be various 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 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
If your property is leasehold, the provisions in the lease may prevent 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 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with New Street Mortgages