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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 Lease Example Support Desk Enquires
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Can New Street Mortgages choose to operate a right to change the rates on a standard mortgage where the lender has granted Consent to Let at any time, onto ‘rates in line with their Buy to Let range'?
- I spoke to a mortgage broker friend last week. 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 lender (New Street Mortgages) until at least 2 weeks before I plan to lease out my house. Am I to understand that I have to find a tenant first and then obtain a consent to let?
- I would like to let my current house as I wish to buy a larger house for the family. I have a mortgage with New Street Mortgages. On the basis I get the consent to let as I understand banks are more than likely to push me towards getting BTL mortgage when the fixed term is finished. Could I remortgage after two years with an alternative lender? What consequences does that have aside from the higher rates - will I need a greater equity ratio in the property too ie lower loan to value?
- My fiance and I might have to let out her apartment, and I have a question concerning obtaining authority to do so. I know I need to inform New Street Mortgages and get a consent to let or move across to a buy to let mortgage. But the property is leasehold, so do we need consent to let from the residents association?
- I have a mortgage with New Street Mortgages at present and just wondering whether New Street Mortgages currently allows consent to let
- Is it possible to negotiate a consent to let from New Street Mortgages if I have an existing mortgage which has been in place for seven years?
- We would like to obtain consent to let on a house where we have a mortgage with New Street Mortgages. If issued, how long would consent be given for? In asking for consent to let from New Street Mortgages are we running the risk of them forcing us to change deal to buy to let
- Me and my husband may want to lease our home temporarily due to a new job. This will be for a limited period but perhaps for threeyears. Should I tell New Street Mortgages or do I keep quiet?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above New Street Mortgages consent to let Questions and Answers
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
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 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 breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise your co-owner of your intention to let could result in them taking legal action 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