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.
Common questions relating to NRAM Ltd consent to lease
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My wife and I have a NRAM Ltd mortgage and are never missed a loan payment, both employed etc. Do you know how much it will cost and if NRAM Ltd are likely to give us consent to let without changing to a commercial rate?
- My husband and I just completed on a apartment in Manchester and will be moving to Bristol at the beginning of February. I have a letting agency and tenant now. I was proposing to keep quiet as I'm worried NRAM Ltd will insist that I change my mortgage rate over to a buy to let and am unable to afford that. I appreciate that it would be preferable to gain a consent to let via NRAM Ltd but am afraid if I show my hand it would lead to a whole host of issues
- I need to decide what to do ie let or sell. I have a NRAM Ltd mortgage on my house (with fair amount of equity). We are planning to move out of Cambridge and if at all possible would like to to let our house with consent to let from NRAM Ltd and use the income from that to help secure a second mortgage for a house to live in. What is the best way to fund a second mortgage without selling my old property and using the equity as a deposit for the new property. Is there anyway I can change my old mortgage to a buy to let mortgages or obtain consent to let and take on a second mortgage without having a deposit to put down.
- My partner had a conversation with someone at NRAM Ltd on last week regarding consent to let. He is expecting a call back. We have put an offer in on a house that has been provisionally accepted so would like to know how likely it is that we will obtain consent to let by NRAM Ltd?
- My two year fixed rate with NRAM Ltd is about to run out soon I will move on to the current variable rate. Can you tell me if consent to let from NRAM Ltd is possible, if there are fees, and if there are time limits?
- I am just finding out some information at this stage. My boyfriend has asked me to move in with him and I have been trying to sell the flat but have had no luck whatsoever despite several decreases in price. So now I want to know what I would need to do to get consent to let from NRAM Ltd
- How likely is it that I can keep my existing residential mortgage with NRAM Ltd if I start renting out? If the consent to let is issued will they tie me into an increased rate?
- I may potentially need consent to let from NRAM Ltd in the future with work. I am just exploring what the options would be if this was the case. Are there any time restrictions on the length you can let out a property with consent?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above NRAM Ltd 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 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 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
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 restrictions are not strictly observed you may be in violation 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 record their consent in writing.
If you do not keep up the payments on your mortgage with NRAM Ltd your property may be repossessed