Need Help?
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.
Sample questions relating to NRAM Ltd consent to let
- My flat has a mortgage against it with NRAM Ltd and I have been renting my flat minus consent to let, making me in contravention of my mortgage conditions. I think I have come onto their radar that I am not residing there. What are the legal repercussions of my failure to procure consent to let?
- I took out a homeowner mortgage with NRAM Ltd last December and then had to relocate for work, I am now looking to letting my property out for a year whilst I am away. Am I able to get a consent to let from NRAM Ltd, and what effect would this have?
- Me and my OH have a flat in Bexley which we purchased off-plan about seven years ago. As we've now got a young son we need more space. We've identified a property in Croydon that we wish to buy and want to keep the flat as an investment to rent out. The mortgage is with NRAM Ltd and we've found a tenant who will pay rent which more than covers the monthly mortgage amount. My question is, can we keep the repayment mortgage with NRAM Ltd so we effectively paying off our mortgage on the property or must we to transfer to a buy-to-let mortgage?
- Earlier this week I got a DIP from NRAM Ltd for a mid terraced house. I have applied via a broker. It is a 20 year mortgage. I wonder what is the main criteria NRAM Ltd adopt in order to allow customers consent to let? Is consent to let based on the rental amount for a property?
- I have just got married and I am in the process of buying out 100% of my co-ownership mortgage with my wife. As a result we have now been given a 90% loan to value on our house. We want to buy a larger home. Will it be possible to get a consent to let on my new mortgage with NRAM Ltd to allow us to get a mortgage also with NRAM Ltd for a new home?
- Can you help with a question...if consent to let is given by NRAM Ltd would it usually be subject to a time limit, such as one year?
- I am interested in consent to let for my home mortgaged with NRAM Ltd. How do I proceed? Do I have to call NRAM Ltd and get them to agree?
- We have an cottage in our garden. Do we need consent to let this from NRAM Ltd? If so, what is the process if I wish to change my mortgage to consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above NRAM Ltd 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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 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 the lease. This could trigger 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 record their consent in writing.
If you do not keep up the payments on your mortgage with NRAM Ltd your property may be repossessed