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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.
New Street Mortgages consent to let: Q and A’s
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I rent out my property in Croydon. I didn't request consent to let. I moved to Surrey for work and was unable to cope with the traveling but was nervous that New Street Mortgages would charge me an arm and a leg so I decided to take the risk. I'm hoping to do the right thing now... basically carry on letting it but with consent. What course of action do I take now?
- I have a house in Hounslow but I am moving with my girlfriend to a different location for work purposes and moreover close to her university. I would like to keep my house but it is unlikely that I can afford a buy to let rate. It will only be short term -three years until my girlfriend has finished University and I can sell, or move elsewhere. My mortgage is with New Street Mortgages. Is there a chance I won't be approved for consent to let?
- I have a mortgage with New Street Mortgages however my husband and I will be moving to the US in September. The mortgage is in my name yet it is my husband's job that is taking us abroad how do I answer the question: 'please indicate why you wish to let the property':
- I have a home that's currently under shared ownership (My share is 50per cent) purchased in September 2014. I plan to go through the full purchase of the house. My partner and I have also got a further house that we are hoping to buy. Mortgage in principle has been approved by New Street Mortgages. I want to know that I will be able to put the current house through consent to let as soon as the remainder share has been purchased so, that we can start the process of purchasing the new house
- My two year fixed rate with New Street Mortgages will soon expire soon I will go on to the current variable rate. Can you tell me if consent to let from New Street Mortgages is a foregone conclusion, if there are charges, and if there are time limits?
- My fixed rate loan with New Street Mortgages ends in September and have to relocate for work then. Is it likely that I be able to both remortgage and get consent to let?
- I recently purchased a house with 10% deposit for personal uses. A homeloan was taken with New Street Mortgages. However my circumstances have now changed. I am being transferred out of the area. Am I able to get consent to let from New Street Mortgages and put the house up for rent?
- I would like to lease out my flat to be closer to my daughter's college and look after of my mother. Do I need consent to let from my lender New Street Mortgages?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above New Street Mortgages consent to let Advice
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
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 restrictions are not strictly observed you may be in breach of your covenants under 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 record their consent in writing.
If you do not keep up the payments on your mortgage with New Street Mortgages your property may be repossessed