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Need professional advice for your consent to let with New Street Mortgages? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Recently asked questions relating to New Street Mortgages consent to lease
- We are in possession of a mortgage offer from New Street Mortgages, but we are running up against a serious block. My husband works in a boarding school, whereby we are provided with a residence as part of his employment. We wanted to buy a ground floor flat with a view to joining the property ladder, and rent it out while we're living at the school accommodation. I had thought New Street Mortgages would grant consent to let from day one of the loan. It is now looking as though I may be refused consent to let. Do you have any ideas what we can do?
- How many months do I have to live in the property before applying for consent to let from New Street Mortgages? I bought my apartment with a New Street Mortgages mortgage eightmonths ago.
- I have an existing mortgage with New Street Mortgages. Where do I download the consent to let application forms from, as we have commenced renting out the property?
- My OH and I are intent on purchasing a house, renting a couple of the bedrooms out to help cover the mortgage with New Street Mortgages, and then moving on in two or three years - at which point the property would be entirely let. Is it likely that New Street Mortgages would look at this unfavourably as I will have been given a standard homeloan rather than a B2L or consent to let? I've heard that in extreme situations they can sue for mortgage fraud, is this true?
- I am looking to New Street Mortgages to issue me with consent to let out my flat in Barnet. I am moving to Dubai for 5 months on a secondment.
- If I were to apply for consent to let from New Street Mortgages what is the time scale New Street Mortgages would take to make a decision?
- I am relocating for work for up to a year... I was wondering if I was able to gain from New Street Mortgages consent to let the house out while I was away as I am reluctant to leave it unattended for that long
- Was wondering how to obtain a consent to let from New Street Mortgages with whom I have a mortgage with. There is a remaining balance of 87k. The value of house is 245k. Its in my name but my wife and I would like to purchase a three bed flat in Tower Hamlets we have seen together. How do we go about it?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above New Street Mortgages consent to let information
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 Street 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 regular 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 the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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 Street Mortgages