Need Help?
Need professional advice for your consent to let with New Life Mortgages 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 New Life Mortgages consent to let
- My plan is to move home. The query I have is whether consent to let will be given on my property for me to then get a loan offer for the new house so I can put in an offer chain free and then let my property out should I move. Does New Life Mortgages grant consent to let for nine months? Assuming the letting goes well can the consent to let time limit be prolonged further?
- We intend to rent out our flat in Newham which is on a standard residential mortgage with New Life Mortgages . Obviously I will seek a consent to let. If there is a cost for the consent to let can this amount also be categorised as incidental costs of financing and therefore allowable on my self assessment form to the tax authority?
- I was just seeking guidance on whether I will be allowed to switch a residential mortgage with New Life Mortgages to a consent to let. It will be less than 70% ltv and it would change from capital and interest repayment to interest only?
- I have an annex that my mother is planning to move out from. As the main house is large I was considering moving into the annex and lease the rest out. This is also due to change of circumstances. Would I need a consent to let from New Life Mortgages?
- I am looking to get consent to let on my Merton maisonette from New Life Mortgages. I will be going abroad for 10-12 months so wish to know if I am able to rent out my flat
- I am considering moving in with my boyfriend at his home and would like to rent out my property that I bought last summer, I'm just not sure of the process as my property is my first home. What hoops do I need to jump through to get consent to let from New Life Mortgages If I obtain consent will my mortgage payments increase?
- Is consent to let a less costly way of becoming a landlord? Isn't this a loophole for some people to exploit?
- I have a mortgage with New Life Mortgages but am wanting to rent my house out and move in with my partner and baby what is required to obtain consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above New Life Mortgages consent to let Advice
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
One thing to remember when arranging a consent to let mortgage with New Life Mortgages 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 standard 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
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 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 taking legal action 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 New Life Mortgages