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
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Is consent to let needed from NRAM Ltd or can I lease out my new house without telling NRAM Ltd and having to convert to a buy-to-let loan?
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I work for a letting agency in loc and have been ask but a prospective tenant of a property for a duplicate of the ‘consent to let’ from the owners lender NRAM Ltd. Is this a new type standard inquiry?
- My wife and I have a fixed rate mortgage with NRAM Ltd. This has been in place since 2007. We are intending on letting out our property and renting in an area close to our kid’s school until a suitable property becomes available to purchase. Do NRAM Ltd normally give consent to let and do they apply an increase to the mortgage rate?
- My partner and I are are looking to join the property ladder, presently renting. We would ideally like to purchase a garden flat in Hillingdon. We want to move there, but will need to wait for a job - perhaps 2-3 years. Would we have to get a buy-to-let mortgage? Could we take a normal mortgage with NRAM Ltd, because we intend to move there soon? Or could we reside there for half a year, then start renting it with consent to let from NRAM Ltd? I'm only evaluating suggestions that are entirely legitimate, and wouldn't breach the terms of the mortgage with NRAM Ltd.
- I will have to move to NYC for two years, I have a property with a NRAM Ltd mortgage. Do I need to obtain consent to let? Will they be obliging?
- I was just looking into consent to let as it's something potentially I require from NRAM Ltd inside the next year. Our family circumstances has changed, and I would like to let my property out
- Does my LTV need to be at a certain ratio to allow me to apply for a consent to let from my mortgage provider NRAM Ltd. Does it make a difference that I only took out the mortgage two months ago?
- We need to contact NRAM Ltd to enquire about letting out our flat. Will they post a form to me. Can I not download this from the site?
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 Questions and Answers
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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them could result in your insurance becoming invalid. 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 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
Failure to inform 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