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 let: Q and A’s
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I am a FTB looking to purchase a small house in NRAM Ltd. I have a 50% deposit and expect a mortgage from NRAM Ltd. My concern is that my girlfriend inherited a apartment in Birmingham and I hope to be moving in next year, when I would have to let out my house. I understand that consent to let is required but it does not sound like a guaranteed option. Is there any advice you can impart?
- I have a shared ownership home in Bexley and will be looking to buy out the rest of the property. However, in the future I may be working overseas for a short period of time so would like to know what approach NRAM Ltd take to consent to let as I am considering a remortgage with them. I am by no means sure that a mortgage can be obtained on my property but in the meantime can you provide further advice on their consent to let policy?
- I have a residential NRAM Ltd mortgage and am keen to gain consent to let as I wish to move to another flat that I own. It looks like might be able to help. How do your fees work for this service?
- Due to meet with my IFA on Monday. I will apply for Consent to Let from my current lender NRAM Ltd. My new property in Islington will be 75% loan to value. Heard whispers that some lenders dont want consent to let customers and I may have issues regarding my new mortgage. Am I likely to encounter this problem?
- It would be helpful to know if on the balance of probabilities NRAM Ltd will give consent to us letting out our home in Waltham Forest
- Would a previous extension to a mortgage term with NRAM Ltd be held against us once we sought consent to let from NRAM Ltd.
- I have completed on a apartment using a NRAM Ltd mortgage. However I am presently living with mother and father. I don't want to move in until for eight months due to some family reasons. In meantime can I let out the property with consent to let?
- I am looking at an offer to work abroad and have been advised that I need to let NRAM Ltd know so my mortgage is under consent to let? Please could you clarify the best way to go about this?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above NRAM Ltd consent to let Questions and Answers
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
Should the tenure of your property be leasehold, the lease may prohibit 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
Neglecting to inform your co-owner of your intention to let could result in them taking legal action 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