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.
NRAM Ltd Consent to Lease Example Support Desk Enquires
-
I was thinking of renting out my apartment and make money from it whilst on vacation. It only a short term option for four weeks. Will consent to let be needed from NRAM Ltd?
- A friend of mine has let her property off the same landlady for almost 18 months. During the past year my friend has been receiving letters from NRAM Ltd (it is apparent from the envelope). To begin with she reposted them to the landlady's address. My suspicions were aroused as none of the landlord’s post was meant to be going there. So I went to my friends house and called NRAM Ltd on her behalf. The gentleman I spoke to at NRAM Ltd asked all sorts of questions, the landlord’s details, information relating to the tenant and then said they were going to look into whether she could legallylet out the property or if it was an offence without consent to let. Should my friend be worried?
- I am 3 years up in a 5 years fixed term mortgage and have accepted a job abroad so wish to rent out my home for a couple of years. My equity is around 50%. Are you able to clarify whether NRAM Ltd will load the interest rate for consent to let for the period that the property is tenanted?
- I have let out my one bed flat in Redbridge for the previous 14 months, and I didn't realise that I had to have consent to let. I would like rectify the situation. What are the legal repercussions of my actions?
- I am looking at moving overseas for work and would like consent to let from NRAM Ltd whilst I am away. Is the way forward to complete the consent to let form and send it off in the post to NRAM Ltd? The point of renting the property isn't to make money but to retain the property in case things don't work out
- I’ve already let but only just realised NRAM Ltd ought to have been notified and consent to let applied for - can this be obtained retrospectively?
- If I am tied into a fixed rate with NRAM Ltd but am thinking of letting out my property, is there a cost for consent to let from NRAM Ltd and does the interest rate increase?
- Can I get an interest only mortgage with consent to let when my current NRAM Ltd deal runs out April 13?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above NRAM Ltd consent to let Questions and Answers
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
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 standard 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under 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 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