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.
Questions and Answers: NRAM Ltd consent to let
- I am looking to get a consent to let from NRAM Ltd as my personal situation has altered. My stepdaughter started college and I felt we would move to the area and decided to buy a property rather than rent for 3 years. After having bought the house I have fallen out with my step daughter and she won't move in. Given that the whole point was for her and the house location isn't so ideal for my work I would like to move out and let the property
- I've been with NRAM Ltd for just short of 2 years and have just renewed a fixed rate. The loan to value is approximately 45%. A situation has arisen whereby we need to move into my elderly mother-in-law's bungalow to look after her, it would preferable to lease our house out - do I require consent to let from NRAM Ltd and is it likely to cost much?
- Am I required to notify NRAM Ltd of my plan to rent a room out to a lodger. I have two spare rooms that could be used by lodgers and I was thinking that as the occupancy remains in keeping with that of the 'family' use of the property it might not require consent to let. Can you help clarify? I am taking independent advice on the insurance, legal and tax ramifications.
- I am may soon need to apply for consent to let from my existing mortgage provider NRAM Ltd. A colleague of mine said that she was granted ‘consent to let’ confirmation from a different lender where it stipulated that the tenancy granted must be in the form of an assured shorthold tenancy. Can you explain what this is?
- Wewould like to let the family home and purchase another. Can NRAM Ltd refuse to grant me consent to let?
- Is it possible to negotiate a consent to let from NRAM Ltd if I have a current mortgage which has been in place for ten years?
- I am considering relocating with work and would need to rent my property out. I have a mortgage with NRAM Ltd. My property is worth approx £250k and owe £48k on it. How likely is it that NRAM Ltd increase my mortgage rate?
- Was wondering how to obtain a consent to let from NRAM Ltd with whom I have a mortgage with. There is an outstanding balance of 87k. The value of flat is 110k. Its in my name but my wife and I would like to purchase a garden flat in Sutton we have seen together. How do we go about this?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above NRAM Ltd consent to let information
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
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
If your property is 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
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