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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.
Questions and Answers: NRAM Ltd consent to let
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I’d appreciate your advice if you have had experience applying for Consent to Leasefora year from NRAM Ltd or if you have any tops as to how such consent is granted.
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I am a FTB looking to purchase a small house in NRAM Ltd. I have a good size deposit with a mortgage from NRAM Ltd. My concern is that my girlfriend has a apartment in Slough and I anticipate moving in next year, when I would want to let out my property. I have heard of consent to let but it does not sound like a guaranteed option. Can you offer any advice?
- I will shortly be relocating to Denmark. Rather than sell my house, I would like to rent it out, just in case things don’t pan out. My existing mortgage is with NRAM Ltd. If I looked to refinance would a new provider view this as me trying to dodge a Buy To Let mortgage, of which there is very restricted availability for 80% LTV, and hence turn down my request for Consent to Let?
- My fixed deal expires mid 2017 and I'm planning on fixing for another 4 years with NRAM Ltd, hopefully rates will remain low. In two years time I may wish to move temporarily to a different county. How simple is it to get consent to let from NRAM Ltd under this situation? Assuming that monthly rent payments would be about £175 above the NRAM Ltd mortgage payments.
- My wife and I are planning to move to Kenya for a couple of years for my job but I don't want to change my mortgage to BTL as I want to move back into it when I return. Do you know if NRAM Ltd charges additional interest? Is there any work around?
- I am after further information concerning consent to let home loans, potentially moving our existing mortgage with NRAM Ltd across to a consent to let one.
- Is consent to let a cost efficient way of becoming a landlord? Isn't this a loophole for some borrowers to exploit?
- I have a mortgage with NRAM Ltd. I am considering moving out and leasing out my house. Do I need a consent to let ?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above NRAM Ltd consent to let Questions and Answers
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
One thing to remember when arranging a consent to let mortgage with NRAM Ltd 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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with NRAM Ltd