Need Help?
Need professional advice for your consent to let with NRAM Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
NRAM Ltd Consent to Lease Example Support Desk Enquires
- I need to switch my residential mortgage with NRAM Ltd to a consent to let and looking for some advice please... I acquired my first property in Edgware in 2011. After a new job opportunity I moved to Belfast, and four months ago got a residential joint-mortgage with my boyfriend. I am inclined to stay with NRAM Ltd and seek consent to let rather than attempt to apply for a new mortgage elsewhere, but if NRAM Ltd turn me down what lenders should I approach.
- I am looking to get a consent to let from NRAM Ltd as my personal circumstances have changed. My stepdaughter was starting university and I felt we would move nearby and decided to purchase a property as opposed to rent for 3 years. Since purchasing the house there has been breakdown in my relationship with my my step daughter and she is unwilling to move in. Given that the whole idea was for her and the house location isn't so ideal for my work I would like to move out and let the property
- We are looking to let our one bed flat out. We have put an offer on a further property for us to buy and have a tenant to move into ours. I believe I have to ask our mortgage provider NRAM Ltd for consent to let. Is there a template consent to let request letter I can copy?
- How many months after getting a new mortgage will a consent to let be likely to be given by NRAM Ltd? By way of background I bought my flat in Lambeth 2 years ago and am currently on a three year fixed rate. I since met a guy and plan to move in together. I am planning to get a better fixed term next July. I assume that I would have to wait at least half a year before I could apply for consent to let. Is that correct?
- I am looking at moving overseas for work and would like consent to let from NRAM Ltd whilst I am away. Is the way forward to prepare a letter requesting consent to let and mail it to NRAM Ltd? Letting the property isn't to make money but to retain the house in case things don't work out
- I am seeking consent to let for my property as I am moving out for six months currently fixed NRAM Ltd mortgage with three years which is due in May next year.
- I would like to rent out my home for 3 years at most. How do I go about getting consent to let from NRAM Ltd who I have a mortgage with?
- Assuming that I was successful in obtaining consent to let from NRAM Ltd, could I sell during the consent period? Is it possible that I would incur any charges?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above NRAM Ltd consent to let information
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
If 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 trigger 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 breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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 NRAM Ltd