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.
Recently asked questions relating to New Street Mortgages consent to lease
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Frank (my fiance) and I may need to lease our Camden home for a while due to a new job. This will be temporary but perhaps for 6 years. Do I inform New Street Mortgages or do I not rock the boat?
- Hello, I have a mortgage on an apartment with New Street Mortgages and I am contemplating the idea of letting my property out. Can I do this without changing my mortgage or getting consent to let from New Street Mortgages?
- My understanding is that this is a contravention of New Street Mortgages mortgage policy if I let out my flat having informed that I intend to reside there. The aim is to redeem the home loan after four years, by which time I will become the outright owner, meaning I no longer require any consent to let. New Street Mortgages advised me I can overpay as little as I like during the lifetime of the mortgage. I know someone who is interested in renting the property. What is the likelihood of New Street Mortgages discovering that I am not residing at the address? Can you set out connotations of not seeking consent to let? From what I have read there is a possibility of New Street Mortgages requiring the property to be sold (however it seems generally accepted is that this doesn't happen and adding fees even backdating is more likely)
- My husband is in the army and he has been posted overseas we would like to get something called 'Consent to let' from our lender New Street Mortgages. Can you help me?
- I already have a mortgage with New Street Mortgages. I am considering renting and purchasing another property but this is all alien to me. How do I apply for consent to let from New Street Mortgages and what are the steps within the process?
- Would I be able to remortgage to New Street Mortgages from my existing lender, with a consent to let or do I need a let to buy mortgage, and if so what are the LTV's?
- I have a question I'd like to ask...if consent to let is granted by New Street Mortgages would it usually be restricted to a time limit, such as 6 or 12 months?
- Just wanted to know how to get a consent to let from New Street Mortgages with whom I have a mortgage with. There is a remaining balance of 47k. The value of property is 245k. Property is in my name but my wife and I would like to purchase a studio flat in Camden we have seen together. How do we go about this?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above New Street 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 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 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
Should the tenure of your property be 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 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