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.
Examples of recent questions relating to NRAM Ltd consent to let
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Having endured living in a rough area for 3 years now, we are keen to relocate. As disposing of the property will involve early repayment charges to NRAM Ltd of £5000, we thought that it would be sensible to let it out. In the circumstances we need consent to let from NRAM Ltd only 12 months. What can I do to get consent?
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I am a first time buyer interested in a detached house in NRAM Ltd. I have a good size deposit with a mortgage from NRAM Ltd. My predicament is that my girlfriend inherited a flat in London and I can foresee myself moving in next year, when I would have to let out my house. I I know that consent to let is needed but it does not sound like a positive outcome is assured. Is there any advice you can impart?
- What is the procedures for obtaining consent to let from NRAM Ltd? What documents do they require? is there a fee to pay? How long the consent is valid for? Do I need to renew it annually? What if I obtain a consent but decide not to lease out the property?
- Due to a change in personal circumstances my husband and I are housesitting my parents house while they are away and letting our flat out. We are going to need for consent to let from NRAM Ltd. Will this be given? We will need to remortgage in the next year will we then switch to a BTL mortgage. We intend to return to our property at within the next nine months?
- My OH and I are 12 months into a three year first time buyer mortgage with NRAM Ltd. Just wondering whether it's permitted to rent out the flat on my existing mortgage. Will NRAM Ltd give consent to let?
- We took out a mortgage with NRAM Ltd a few months ago and although it's still early days we may have to relocate around next September or October and would like to be able to let our flat out. Would this be possible with a homeowner mortgage?
- I have a standard mortgage with NRAM Ltd which is only six weeks long but I have been moved abroad with my job. How easy is it to obtain consent to let from NRAM Ltd for a mortgage that has only recently started and I have just bought the property?
- I am looking to get consent to let with my NRAM Ltd residential mortgage. It is a detached house. Will NRAM Ltd grant consent on this basis? Or would it be regarded as an HMO?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with 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
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 provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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.
If you do not keep up the payments on your mortgage with NRAM Ltd your property may be repossessed