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.
Examples of recent questions relating to Nedbank consent to let
- My fiance and I may need to rent out our home for a while due to a career opportunity. As we will be away for no more than twelve months would we need a consent to let our home. We already have a Nedbank mortgage. What charges are incurred and is there a time limit on consent to let?
- Eight months ago my building society (not Nedbank) provided me with consent to let. This was subject to a provision that every half year they would add a charge of 0.5% of the remaining mortgage amount. Having the first couple of payments they have omitted to make the charge in recent months. This may be no more than a simple error but I am nervous that it would also mean I no longer have Consent to Let.
- We took out a fixed rate mortgage with Nedbank for two years and have been living in the house for nearly one year. Due to work I need to vacate so I would like to rent the property out. What is the best way to go about getting consent to let from Nedbank?
- For a couple of years now I have had a mortgage with my wife on our property which is up for renewal 31st December. I am having to relocate to Reading for my company in this summer. What are the chances of being able to transfer for a consent to let mortgage with Nedbank?
- I was just wondering how to obtain consent to let from Nedbank...do I call them or write a letter to them?
- I have four months to left on a two year residential mortgage with Nedbank but now rent the flat out. Can I assume they will just charge a flat fee for consent to let?
- Will Nedbank give consent to let my apartment? I have an existing homeowner mortgage, never been in arrears and have been with Nedbank for about four years now. What fees am I likely to incur
- About to remortgage my flat but I will potentially moving out in the next year and would be looking to lease it out. Do Nedbank give a consent to let letter?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Nedbank consent to let Questions and Answers
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 notify them may 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform 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.
If you do not keep up the payments on your mortgage with Nedbank your property may be repossessed