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.
Sample questions relating to NRAM Ltd consent to let
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Is it possible to remortgage on a consent to lease with NRAM Ltd?
- Please explain "consent to let" to me? I live in a 1 bed flat and its in good condition. It has been on with agents for two months and I have had very few viewings. This is probably due to an ongoing dispute with the guy next door. I had no choice but to mention it on the disclosure form. Mortgage is with NRAM Ltd on a fixed rate. It has been suggested to me that I should obtain consent to let via NRAM Ltd and rent the flat to tenants.
- I took out a new mortgage with NRAM Ltd recently, borrowing extra with the intention of doing a loft conversion. That extension has proved not to be possible and I now intend to purchase a 2nd property for residential purposes and rent the old property out with consent to let. Is that likely to land me in hot water?
- We are locked into a fixed rate mortgage with NRAM Ltd for two yrs and have been living in the apartment for just over six months. Due a job opportunity abroad I need to leave so I would like to rent the property out. How can I get consent to let from NRAM Ltd?
- I will have to move to NYC for two years, I have a property with a NRAM Ltd mortgage. Do I need to obtain consent to let? Will they willing to grant this?
- So this is the scenario: I am moving to become a non-UK resident. Potentially for a number of years. Nevertheless I will be on a 3 month test period .I would like to know how to go about getting consent to let from NRAM Ltd and what charges are involved
- My wife and I have a mortgage with NRAM Ltd but am told they have a stipulation that they refuse to issue consent to let the property to a local authority. Is this correct and if so, can you suggest a way to bypass this?
- I have a residential home. I would like remortgage with NRAM Ltd and either change to buy to let or consent to let. I'm still inside the Early Redemption Charge period so not sure if it would trigger the penalty payment?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above NRAM Ltd consent to let information
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 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 trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with NRAM Ltd