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.
NRAM Ltd Consent to Lease Example Support Desk Enquires
- My plan is to move home. The query I have is whether consent to let will be granted on my property for me to subsequently obtain a mortgage for the new house so I can effectively bid chain free and subsequently let my property out should I move. Will NRAM Ltd give consent to let for 6 months? Assuming the letting goes well is it possible for the consent to let time limit be prolonged further?
- I have a mortgage with NRAM Ltd however my husband and I will be moving to the US in December. 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 rented my house out for three years from 2010-2013 while working in New York. I have a letter dated June 2010 from my building society granting consent to let. In the letter it explicitly stipulates that the consent to let is valid for "the remaining term of the mortgage". I have not refinanced since the letter was issued. I now plan to move house and rent out my existing house. However, my IFA has suggested that the 2010 consent to let letter may not be acceptable to the new lender NRAM Ltd for the property I intend to purchase.Your view would be appreciated
- We are planning on acquiring a property, letting two of the rooms out to help cover the mortgage with NRAM Ltd, and then moving on in two or three years - when the property would be fully let. How likely is it that NRAM Ltd would frown upon this as I will have been issued with a owner-occupier loan rather than a B2L or consent to let? I've read that in extreme situations they can repossess the property, is this right?
- It would be helpful to know if NRAM Ltd are likely to give consent to us letting out our flat in Lambeth
- I have a NRAM Ltd mortgage currently and may wish to let it out temporarily with consent from NRAM Ltd for (1 year). Just wanted to know is it something that is obtainable relatively quickly?
- I’ve already let but only just dawned on us that NRAM Ltd should've been notified and consent to let sought - what's the best course of action now?
- Do NRAM Ltd give consent to let? I am just considering this in order to move home in the the near future
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further 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
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 conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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 NRAM Ltd your property may be repossessed