Need Help?
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.
Sample questions relating to Nedbank consent to let
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What is the most extreme action Nedbank can take if I have let out my house if consent to let is not first obtained?
- I have a two bed leasehold maisonette with a Nedbank mortgage and have a lodger sharing with me. I am about to relocate to Havering and will rent there. My lodger doesn't want to move out so has agreed to pay a higher rent. Am I obliged to get consent to let from Nedbank?
- I have a ground floor flat in Bromley let out which has a seventy year lease. Mortgage adviser said I should refinance (currently with Nedbank) as a buy to let instead of consent to let and release 55-60k which on top of a new homeloan based on income multiples would give me a budget of £195k. Limited available in Tower Hamlets for me to buy my own property. A lease extension will be in region of 19k. Rent out with consent to let or sell the flat?
- I have a mortgage with Nedbank however my husband and I will be relocating to Australia in September. The mortgage is in my name yet it is my husband's job that is taking us abroad how do I answer the question: 'please indicate why you wish to let the property':
- My fiance and I are planning to ask Nedbank for consent to let out our home in Hounslow. We are moving overseas for three years and wish to let it out. I didn't check this out when we took the Nedbank mortgage, and that was due to the fact that we never anticipated an opportunity would arise such as this so was planning on occupying the house.
- Is there a maximum period that Nedbank is willing to grant me the Consent To Let for?
- Our Nedbank mortgage is coming up for renewal. We would like to apply for a new fixed rate mortgage and then seek consent-to-let. Is this possible? We don't use the house much now that our kids have grown up, and would be better used as a rental.
- I wish to apply for consent to let from my mortgage provider Nedbank to lease out my flat. . Can you tell me whether Nedbank allow consent to let in this situation?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 your covenants under the lease. This could trigger 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with Nedbank your property may be repossessed