Need Help?
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.
Sample questions relating to New Street Mortgages consent to let
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We bought a mews house in 209 for 185,000 with New Street Mortgages. I got married to someone in the RAF so moved in to married quarters in Gibraltar and realise that I need to have to get consent to let from New Street Mortgages. Will they give permission?
- I spoke to a mortgage broker friend last month. She said that were I to decide to move abroad with my job for a period then I should not apply for consent to let from my mortgage provider (New Street Mortgages) until at least two weeks before I plan to lease out my house. Does that mean I have to find a tenant first and then obtain a consent to let?
- I have leased out my garden flat in Redbridge for the past two years, and I didn't realise that I had to have consent to let. I now want to rectify this. Would this be an issue?
- Ever since 2013 I have had a New Street Mortgages mortgage with my twin and am looking to move on and get a new mortgage with my partner. How do I proceed with taking in a lodger? Is consent to let required by New Street Mortgages? My twin will stay in the flat
- Just curious as to whether it is possible if you own one property with consent to let from New Street Mortgages, to purchase a second with a homeowner mortgage to live in. Then once the consent expires on the first property, to switch to buy to let or sell it?
- When it comes to consent to let from New Street Mortgages am I supposed to tell them every time we get a new tenant and forward them a copy of the lease?
- New Street Mortgages - consent to let potential. Do you have experience of the process with this lender? Do they have a minimum period prior to changing to this and a minimum LTV?
- I was just wondering if there are any costs in getting consent to let on a freehold property when I have a mortgage with New Street Mortgages
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above New Street 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 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 breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them commencing legal proceedings 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