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.
Recently asked questions relating to NRAM Ltd consent to lease
- I have a friend who is talking about leasing their house out and moving in with partner. The property is in Haringey and has a £80k mortgage with NRAM Ltd. What would she need to do to get consent to let if she decides to move forward.
- I want to rent out my current house as I wish to purchase a bigger house for the family. I have a two year fixed mortgage with NRAM Ltd. On the basis I get the consent to let as I understand banks are more than likely to push me towards getting BTL mortgage when the fixed term is finished. Could I remortgage after a couple of years with another lender? What connotations does that have aside from the higher rates - would I need a greater equity portion in the property too ie lower ltv?
- I'm planning to remortgage our old garden flat, currently occupied with tenants with consent to let from NRAM Ltd, onto a BTL rate as we are unlikely to be moving back into it now since we have our family home. So, I'm assuming I need a specialist financial adviser for this and I am not really au fait with what is available in this area. Are you able to offer any advice on an efficient broker service specialising in BTL?
- I remortgaged with NRAM Ltd recently, borrowing extra with the intention to extend the property. That plan has proved not to be possible and I now intend to purchase a 2nd property as my main residence and let the old property out with consent to let. Is that likely to land me in hot water?
- Last month I 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 place. 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?
- How much of my loan allowance will be made available to draw down on if I switch my mortgage to a consent to let with NRAM Ltd?
- Will NRAM Ltd choose to exercise a right to switch the rates on a owner-occupier mortgage where Consent to Let at any time, onto ‘rates equivalent to their B2L range'? Can one remortgage on a consent to let with NRAM Ltd?
- I have a mortgage with NRAM Ltd. I am thinking of moving out and leasing out my apartment. Am I required to obtain consent to let ?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to 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
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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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