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Need professional advice for your consent to let with NRAM Ltd? 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 NRAM Ltd consent to lease
- My husband and I have a standard variable rate mortgage with NRAM Ltd. This has been in place for four years. We are potentially letting out our house and renting in an area close to our kid’s school until we find the right home to purchase. Do NRAM Ltd usually give consent to let and if so, what are the financial consequences?
- I have a mortgage with NRAM Ltd however my husband and I will be emigrating to New Zealand in January. 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 own a house that's presently under shared ownership (My share is 50%) purchased in May 2013. I plan to go through the full purchase of the house. Me and my wife have also got a further house that we are looking to purchase. Mortgage in principle has been approved by NRAM Ltd. I would like to know that I will be able to put the existing house through consent to let as soon as the remainder share has been purchased so, that we can start the process of buying the new home
- My husband and I are in a complex mortgage scenario in the last 2-3 month. We have to lease our house with consent to let and move to a different location to be nearer to my parents. We now rent a property. We are finding it really difficult to find a better mortgage deal for our consent to let home. Is there is a list available as to which lenders grant consent to let and what their conditions are?
- Iwant to rent out the family home and buy other. What do I need to supply NRAM Ltd to obtain consent to let?
- If I am tied into a fixed rate with NRAM Ltd but am thinking of letting out my property, is there a fee for consent to let from NRAM Ltd and does the interest rate change?
- My partner is in the process of purchasing a new property in Hackney and is on to a good deal as it requires some work done. We want to rent our current property for 2 years and then return. Is there anything in the Ts and Cs of my NRAM Ltd mortgage permitting me to rent it out or do I need specific consent to let?
- I have a domestic mortgage with NRAM Ltd - 55% equity or thereabouts. I am considering relocating due to a promotion and enquiring whether consent to let would be given so I could rent out the house?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above NRAM Ltd consent to let Advice
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 NRAM Ltd 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 regular 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
If your property is 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 your covenants under 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 commencing legal proceedings against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with NRAM Ltd your property may be repossessed