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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.
Questions and Answers: New Street Mortgages consent to let
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Have any of your clients had experience applying for Consent to Letfor12 months from New Street Mortgages or if you know how such permission is obtained.
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I acquired a house in 2012 for 155,000 with New Street Mortgages. My husbands career requires that we move to Qatar and appreciate that I have to apply for consent to let from New Street Mortgages. Will they give permission?
- My flat has a mortgage against it with New Street Mortgages and I have been renting the property omitting to get consent to let, making me in breach of my mortgage terms and condition. I think that they have sussed that I am not living there. Is my only option is to dispose of the apartment before repossession?
- Our existing property in Newham has probably about £80K equity with a home loan with New Street Mortgages. It's a nice family house in a popular location and I think it would rent easily. We are probably moving for my partner’s work and were considering holding onto the house on as a rental property - should we be swapping the mortgage to a buy to let product or should we apply for consent to let by New Street Mortgages?
- Do I need consent to let if I rent to a family member (in my case my brother now lives there and contributes towards the New Street Mortgages mortgage)?
- Do you have the address to which a Consent to Let request to be sent for New Street Mortgages? Sorry about bothering you with this query.
- I would like to lease out my apartment to be closer to my son’s college and look after of my father. Do I need consent to let from my lender New Street Mortgages?
- What happens if a borrower has already leased out the property for some years as an HMO and now wish to go legit with New Street Mortgages by obtaining consent to let ? (assume New Street Mortgages had previously issued a residential mortgage in the past)
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above New Street Mortgages consent to let information
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 conditions are not complied with you may be in violation of 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with New Street Mortgages