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.
Frequently asked questions relating to New Life Mortgages consent to lease
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I am a FTB interested in a small house in New Life Mortgages. I have a good size deposit and expect a mortgage from New Life Mortgages. My predicament is that my girlfriend has a flat in Birmingham and I anticipate moving in next month, at which point I would want to let out my house. I have heard of consent to let but it does not sound like a positive outcome is assured. Is there any advice you can impart?
- At present I have a normal mortgage with New Life Mortgages. I have been offered a property as part of my job and would like to lease out my existing property. My mortgage broker has informed me it is straightforward process. Are you able to provide me with some information please?
- I have just received a mortgage offer with New Life Mortgages. I am hoping to complete in the coming weeks, however it looks as though I may be moved overseas for work. How likely is it for me to obtain consent to let from New Life Mortgages shortly after drawing down on the mortgage. Are there any other options open to me?
- Resulting from a redundancy we are looking to move away from Havering and our home, potentially to a job in Amsterdam but that means we will want to let the property but don't want the penalty fee of existing New Life Mortgages mortgage which will be exorbitant.On what basis is 'consent to let' issued by New Life Mortgages?
- My two year fixed rate with New Life Mortgages is due to run out shortly and I will move on to the standard variable rate. I would like to know if consent to let by New Life Mortgages is likely, if there are fees, and if there conditions?
- If I am tied into a fixed rate with New Life Mortgages but am considering letting out my property, is there a fee for consent to let from New Life Mortgages and does the interest rate increase?
- Me and my partner have had my home loan with New Life Mortgages for eight years with no arrear If I sought consent to let would I receive a positive reply?
- Me and my partner and I would like to lease out my apartment to be nearer to my daughter's college and take care of my father. What do I need for the application of consent to let from New Life Mortgages?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above New Life Mortgages consent to let Info
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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 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 restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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