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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.
New Life Mortgages consent to let: Q and A’s
- I have had a current mortgage with New Life Mortgages coming up to twenty four months and the fixed rate is soon to come to an end. We are thinking of releasing equity out of our existing home to allow us to acquire a bigger home and then let out the current 2 bed flat. The initial advice we received was that we will look for a new residential mortgage allowing for consent to let - can you explain what this is?
- I have a New Life Mortgages home loan and am keen negotiate a consent to let as I wish to move to another home belongings to me. It would appear that may be able to assist. How do your fees work for this service?
- I are looking to lease out our studio flat in Barnet in June. I would like some suggestions on what I need to do. I've just moved our New Life Mortgages mortgage to a fixed term and just need to understand the process and what information I'll need to get consent to let.
- My fixed rate mortgage with New Life Mortgages ends 1st May. I am about to move to Newcastle for my Job in February. I wish to rent the house in the short term. Can I get a consent to let the property?
- I'm gathering some information on whether consent to let is something available to me? We have a mortgage with New Life Mortgages and are considering leasing the place out for a couple of years, but cannot really afford to change to a buy to let mortgage. The estate agent mentioned something about a content to let
- I am looking to New Life Mortgages to grant consent to let out my home in Merton. I am moving to Mexico for 5 months for work.
- I am looking to New Life Mortgages to grant consent to let out my flat in Islington. I am moving in with partner, cant sell property
- I am thinking about moving in with my girlfriend but would rather not to sell my place. How do I go about requesting consent to let from New Life Mortgages, and what are the chances that this will be granted?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above New Life Mortgages consent to let Questions and Answers
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
Should the tenure of your property be leasehold, the lease may prohibit 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
Omitting 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