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Need professional advice for your consent to let with Nedbank Private Wealth Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Nedbank consent to let: Q and A’s
- We have a fixed rate mortgage with Nedbank. This has been in place since 2007. We are intending on leasing out our property and renting in an area near our daughter’s school until we find the right house to buy. Do Nedbank normally issue consent to let and if so, what are the financial implications?
- Is it permissible to let out our property in the absence of consent to let from our lender? I know that at the time we signed a form stating it wouldn't be a buy to let property and that we don't own other property. I know you can't use H2B if you owned other property at the time, but what about property thereafter? Can one acquire a further property, receive a gifted property?
- I would like to move home and I am wondering if I can get consent to let on my house then get a mortgage approval for the new house so I can put in an offer thus being chain free and then lease my property out when I move. Will my lender Nedbank grant consent to let for a year if they know I am looking to buy somewhere else or only if I am moving short term with work?
- I have a home that's presently under shared ownership (My share is 60%) purchased in September 2013. I plan to go through the full purchase of the house. My partner and I have also got a second house that we are hoping to buy. Mortgage in principle has been issued by Nedbank. I would like to know that I will be able to put the existing house through consent to let as soon as the remainder share has been purchased so, that we can start the process of purchasing the new home
- I am looking to get consent to let on my Brent flat from Nedbank. I will be leaving the UK for 10-12 months so wish to know if I am able to rent out my flat
- Do you know if Nedbank would have an internal record as to whether consent to let was granted for a specific property?
- Is there a set or maximum term how long I could let my home out to a family member with consent to let from Nedbank. I no longer want to live in the area and want to buy a new home?
- I want to consider the option of renting out my house with consent to let from Nedbank whist away travelling for a couple of months
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Nedbank 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
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 notify them could 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
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 terms are not adhered to 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 Nedbank