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
- At the moment I am locked into a rental contract until June and am buying a flat. Would my lender Nedbank object to granting consent to let until my tenancy finishes and then moving in?
- We are a young couple and we have identified a house in Waltham Forest that we like and wish to take out a mortgage with Nedbank. My concern is that I am pregnant and might give birth very soon as I am on my 9th month of pregnancy. This means that it would not be possible for us to move straight away so we are thinking to keep living with our parents for the next few months. In the meantime, if we get this property, we can let it out. We just wondering how will that work out? Will we be liable to be given consent to let by Nedbank
- I am with Nedbank and just had to ask for consent to let, but it would be useful to know if they impose any conditions on the level of rental to be received?
- me and my wife have just sorted our rates for another fixed five years with Nedbank. However, I attended an interview and basically I accepted the job offer in Westminster. I'm going to rent a one bed flat for me and my family in Hounslow as we don't wish to sell the house whist there is a possibility that we come back before two years.... We really don't know whether it will go. We called Nedbank but we would like also your take on the situation. Is it possible to receive consent to let in that case as we just got a fixed 5 years rate we would not want to change.
- My husband and I are applying to change mortgage provider to Nedbank for a fixed rate but the likelihood is that I would need to rent the apartment out for just under one year. Do Nedbank consent to let on fixed rate home loans and if so, what are the costs.
- We are looking to place our matrimonial home on rent due to work commitments and was wondering if this is possible to get consent to let. It is on a fixed rate mortgage with Nedbank until 2018 October
- Just looking for some advice. I currently have a mortgage in place with Nedbank. I have been given licence to temporarily rent out my apartment from the managing agents and they asked if I have consent to from Nedbank.
- I am interested in some guidance on how best to approach my mortgage lender Nedbank regarding a 'Consent-to-Let' application. Is this a task you can assist me with ?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Nedbank consent to let Advice
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
One thing to remember when arranging a consent to let mortgage with Nedbank 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 regular 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 provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in breach 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 taking legal action 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