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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 Lease Example Support Desk Enquires
- I purchased an apartment a couple of years ago with a New Life Mortgages loan but now wish to put my flat up for rent. I want to find a larger property as our kids are growing up and a one bedroom residence is too cramped for us any longer - furthermore if I rent it out I can build up some savings. Do I require consent to let fromNew Life Mortgages?
- Under what conditions will consent to let for a property be given by New Life Mortgages? For what period of time do you have to have had the mortgage before consent to let can be obtained from New Life Mortgages? By way of background we are going abroad for 20 months with my wife’s business and will need to rent our house. I am interested in gaining consent to let in the first instance with a view to renting the property out to offset the costs of the New Life Mortgages mortgage.
- A friend of mine has been renting her house from the same landlord for almost 18 months. Over the last six months my friend has received letters from New Life Mortgages (it is apparent from the envelope). For the first few she forwarded them to her landlord’s address. I was a bit suspicious as none of her landlord’s post was supposed to be going there. So I went to my friends house and phoned New Life Mortgages on her behalf. The lady I called at New Life Mortgages asked all sorts of questions, the landlady's name her current address, information relating to the tenant and then said they would look into whether she was entitled tolet out the house or if it was an offence with no consent to let. What does this mean for my friend?
- Me and my wife reside in a matrimonial home where there exists some empty bedrooms. We are considering the opportunity of establishing an holiday let type business to rent half the property out on a short term basis. Are you aware if this kind of thing permitted in accordance with New Life Mortgages’s consent to let protocol?
- My husband and Iwant to let the family home and buy other. Can New Life Mortgages refuse to grant me consent to let?
- How simple is it to obtain a consent to let from New Life Mortgages and what will it cost me? If I want to let out my property for three months how easy is it to chop and change between a owner occupier mortgage and consent to let?
- We would like to move home and have found a house we wish to purchase so are considering leasing out with consent to let from New Life Mortgages for our original property to allow us to place an offer and not miss out on the potential new property.
- How likely is it that New Life Mortgages force me into a consent to let product while I'm in a fixed rate product for twenty four months?
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 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
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 to have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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