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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.
NRAM Ltd consent to let: Q and A’s
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Bottom line - if worst comes to the worst what action NRAM Ltd can take if I have rented my property if consent to let is not first obtained?
- I have a colleague who is considering renting their house out and moving in with partner. The property is in Hillingdon and has a £95k home loan with NRAM Ltd. What would she need to do to get consent to let if she decides to proceed.
- I am a first time buyer in the process of attempting to purchase a flat. However there is a strong possibility that I will be moving abroad within the next couple of years. I have mentioned this to my financial adviser who has informed me as long as nothing has been signed or confirmed you can go ahead and apply for a residential mortgage with NRAM Ltd. Once that's complete if it transpires that I need to move abroad he said can apply for a consent to let from NRAM Ltd. How would the property be treated for CGT purposes? From what I can tell there is some sort of tax relief if you have had to vacate your property to move abroad for work. is that right?
- I was going to call NRAM Ltd to ask if they have a Consent to Let application they can send me to complete.. However,I thought I would look online. I was wondering if if you could direct me to a site where I could download this form on the web?
- Circumstances: I am moving to Budapest for work. This might be for many years. Nevertheless I will be on a 3 month test period .I'm wanting to know how to go about getting consent to let from NRAM Ltd and what charges are to be incurred
- Afternoon? I am just wondering if NRAM Ltd offer consent to let as an option if I decided to let out my home under a domestic mortgage. Is there a specific rule for right to buy property and consent to let?
- I am considering moving in with my partner but do not want to to sell my place. What is the process for requesting consent to let from NRAM Ltd, and how likely is it that this will be granted?
- Last month purchased my flat and took out a mortgage with NRAM Ltd but my boyfriend has asked me to move in with him. Would I be granted consent to let?
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Information to consider in conjunction with the above NRAM Ltd consent to let Info
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
Failure 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 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 conditions are not complied with you may be in violation of your covenants under 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with NRAM Ltd