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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.
Top Five Questions relating to New Life Mortgages consent to lease
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I have a residential mortgage over my property in loc and intend to move to country for three years. During this time it makes financial sense to let out my flat. My lender is withholding consent to let. I am not inclined to transfer to a buy to let mortgage as it’s only for a limited time-frame that I am going away for.
- I am looking to move home and I am enquiring if I can get consent to let on my house then get a mortgage approval for the new house so I can effectively bid thus being chain free and then rent my property out when I move. Will my lender New Life Mortgages grant consent to let for 12 months if they know I am looking to purchase somewhere else or only if I am moving temporarily for career reasons?
- I acknowledge that I have been extremely naive in not informing New Life Mortgages that I’m leasing my property out. I would like rectify the situation and apply for consent to let. If New Life Mortgages says yes, is there any way of them learning that I’ve already been renting it without consent?
- Twelve years ago I was issued with consent by the local authority and my mortgage provider New Life Mortgages to convert a small barn into a granny annex, conditional on it not being sold separately from my house. My parents passed away some years ago and I would now like to rent it out with consent to let from New Life Mortgages. Do you think this will be possible?
- My partner and I have already been told to write a letter to New Life Mortgages to obtain consent to let, I'm just trying to find some guidelines on the letter? What I should or shouldn't include?
- Hi my partner and I own and live in 2 separate properties can I obtain consent to let from New Life Mortgages and let my garden flat out if I move in with her?
- My work commitments are changing and this could result in mebe in different locations every month and as such I wanted to get to grips with the process for getting consent to let with New Life Mortgages
- We are mulling over a remortgage offer with New Life Mortgages and it's a strong possibility that I will end up asking for consent to let at some point in the fixed period. Are there any fees I should that may be applicable?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above New Life Mortgages 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 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 provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with 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 inform 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.
If you do not keep up the payments on your mortgage with New Life Mortgages your property may be repossessed