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
- In what circumstances will consent to let for a property be issued by NRAM Ltd? How long do you have to have had owned the property before consent to let can be negotiated with NRAM Ltd? In order to give you some context we are going abroad for a year and a half with my wife’s work and will need to rent our house. I would be looking at being given consent to let initially with a view to put a tenant in it to offset the costs of the NRAM Ltd mortgage.
- My husband and I hope to let out our flat in Waltham Forest which is on a owner-occupier mortgage with NRAM Ltd . Obviously I will ask for a consent to let. If there is a cost for the consent to let can this amount also be categorised as an allowable cost on my self assessment form to the tax authority?
- me and my wife have just sorted our rates for another fixed five years with NRAM Ltd. Subsequently, I went to an interview and basically I accepted the job offer in Sutton. I'm going to rent a small flat for the family in Barnet as we don't wish to sell the house and moreover we might come back before two years.... We really don't know how things will work out. We called NRAM Ltd but we would like also your take on the situation. How is it to obtain consent to let in that case as we just got a fixed 5 years rate we really don't want to change.
- The plan is to move in with my partner and I have let my property out to two students on a twelve month tenancy. I am now applying for consent to let from NRAM Ltd but what if they decline. I can’t rescind on my contract in terms of backing out of renting the students as the paperwork is finalised. On the other hand NRAM Ltd could take me to court for contravention of a condition i.e. letting it out without consent to let.
- We are one year into a five year domestic mortgage with NRAM Ltd. Just curious if it's ok to rent out the property on my existing home loan. Will NRAM Ltd grant consent to let?
- I have a question I'd like to ask...if consent to let is given by NRAM Ltd would it usually be restricted to a time limit, such as one year?
- A work promotions now necessitates that Ibe in different places every month and as such I wish to get to grips with the procedure for getting consent to let with NRAM Ltd
- I'm considering a remortgage offer with NRAM Ltd and it's likely I will end up asking for consent to let at some point in the fixed period. Are there any fees I should be aware of?
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Caveats to be read 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
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 terms are not adhered to you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
If you do not keep up the payments on your mortgage with NRAM Ltd your property may be repossessed