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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.
Questions and Answers: Nedbank consent to let
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A friend of mine suggested that this Christmas I rent out my apartment and generate some income while I am on vacation. It only a short term option for ten days. Do I need consent to let from Nedbank?
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I am about to join the property ladder hoping to complete on a terraced house in Nedbank. I have a 50% deposit and expect a mortgage from Nedbank. My predicament is that my partner inherited a apartment in Nuneaton and I can foresee myself moving in next year, when I would have to let out my property. I I know that consent to let is needed but it does not sound like there is any certainty. Can you offer any advice?
- My OH and I are presently one year into a year fixed rate mortgage with Nedbank. We would like to acquire a larger 2nd property in the next year however would prefer to keep the first house and I was enquiring as to what reason we could put down on the consent to let application to get their approval
- I am in the Royal Navy and intending to acquire a house with a Nedbank mortgage. I would like to get consent to let this house to my sister. In the future I would reside in the property with my wife and kids when I leave the Royal Navy. Will I need to apply to my Commanding Officer to request permission to rent it out?
- If we ask for a consent to let letter by Nedbank will we be made to convert to buy to let mortgage? Our mortgage is with Nedbank and as houses are not currently selling and we have seen one we like we were considering letting our home out in order to purchase the new and dispose of this one when the local market picks up.
- I am going away for work for up to a year... I was wondering if I was able to obtain from Nedbank consent to let the house out while abroad as I do not want to leave it empty for that long
- I recently acquired a maisonette in Sutton. I am first time buyer. I am moving Ireland next month, can I get consent to let from my lender Nedbank or do I have to wait six months?
- We need to contact Nedbank to enquire about leasing out our home. Will they post an application to me. Is there a form I can download?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider 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
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 could 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
If your property is 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 breach 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with Nedbank your property may be repossessed