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.
Common questions relating to Nedbank consent to lease
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Will Nedbank choose to operate a right to increase interest rates on a homeowner mortgage that has just been approved for Consent to Let at any time, onto ‘rates equivalent to their Buy to Let range'?
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Me and my husband have a Nedbank mortgage and are never missed a loan payment, both employed etc. Do you know how much the fees are and if Nedbank are likely to give us consent to let without porting the loan to a commercial rate?
- I have exchanged contracts for a new build property in which I was going to move into, but my boss has offered me a posting overseas for 2 years, can I let the new property with consent to let from Nedbank.
- The plan is to move in with my partner and I have let my property out to 2 tenants on a twelve month AST. The application for consent to let from Nedbank is in hand but what if they refuse. I can’t renege on my contract in terms of backing out of renting the students as the paperwork is finalised. On the other hand Nedbank could sue me for breach of a condition i.e. letting it out in the absence of consent to let.
- I have a mortgage with Nedbank on a two year fixed rate. I could have an opportunity for a teaching job abroad next year. Would I qualify for consent to let via Nedbank if I took this job abroad?
- At the moment I do not have consent to let by Nedbank but I would like to change to one, An opportunity has arisen which might involve me working away for eighteen months. But want to keep my house for when I come back - can you assist?
- Me and my partner took a mortgage with Nedbank but am informed they have a policy that they do not grant consent to let the property to a local authority. Is this correct and if so, can you suggest a way to bypass this?
- I have a mortgage with Nedbank. I am thinking of moving out and letting out my flat. Am I required to obtain consent to let ?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Nedbank consent to let information
Tax and Legal
There are numerous potential 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
Where 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 result in 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 terms are not adhered to you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Nedbank