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.
Frequently asked questions relating to NRAM Ltd consent to lease
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NRAM Ltd have just granted me consent to let. After some effort, NRAM Ltd have issued me with ‘consent to let’ confirmation . Mention is made of an assured shorthold tenancy. What is that?
- I have just received a mortgage offer with NRAM Ltd. I anticipate that I will complete in the coming weeks, however I may potentially be posted overseas for work. How feasible is it for me to receive consent to let from NRAM Ltd within a few months of completing. Are there any other options open to me?
- My partner and I (joint owner) are in the process of remortgaging with NRAM Ltd. I was doing some research concerning consent to let from NRAM Ltd to understand the rules around potentially renting our existing apartment out (probably in a in a couple of years time) if we moved away. The flat in question was a first-time purchase for us about 2 years ago. We are living there now.
- Am I required to inform NRAM Ltd of my plan to take in 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 shed any light on this? I am taking independent advice on the insurance, legal and tax implications.
- I have a mortgage with NRAM Ltd and am considering whether to sell or rent in the short term but don't have the equity for a buy to let mortgage at this stage. What are my consent to let options currently?
- Was wondering how to seek a consent to let from NRAM Ltd with whom I have a mortgage with. There is a remaining balance of 47k. The value of property is 220k. Property is in my name but my wife and I would like to purchase a studio flat in Newham we have seen together. How do we go about this?
- I currently have a residential mortgage with NRAM Ltd and plan on letting due to work being based in Luton. In asking for consent to let from NRAM Ltd do I run the risk of them forcing me to change deal to B2L
- I was wondering if you can assist. I do not have consent to let from NRAM Ltd and was wondering if this option would be possible for me to switch to as I must move back home to look after my father
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above NRAM Ltd consent to let Advice
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 to have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with NRAM Ltd your property may be repossessed