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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.
Questions and Answers: NRAM Ltd consent to let
- I am looking to move house. My question is whether consent to let will be given on my property for me to then get a loan offer for the new house so I can put in an offer chain free and then rent my property out when I move. Will NRAM Ltd issue consent to let for 12 months? Assuming the rental goes well can the consent to let period be prolonged further?
- My husband and I have just sorted our rates for another fixed five years with NRAM Ltd. Subsequently, I attended an interview and basically I accepted the job offer in Newham. I'm going to rent a small flat for the family in Newham as we don't wish to sell the house whist there is a chance that we come back within a couple of years.... We really don't know how things will go. We called NRAM Ltd but we would like also your take on the situation. How is it to get consent to let in that case as we secured a fixed 5 years rate we would not want to swap this.
- I have a mortgage with NRAM Ltd however my husband and I will be relocating to Australia in September. The mortgage is in my name yet it is my husband's job that is taking us abroad how do I answer the question: 'please indicate why you wish to let the property':
- We are planning to lease out my flat for a year from 15th September 2015. Is there a standard format for a letter I can use to write to NRAM Ltd to request consent to let.
- I am interested in understanding the NRAM Ltd consent to let procedure and conditions for granting.
- I am trying to find out NRAM Ltd fees for conversion to consent to let from a fixed rate residential mortgage?
- Last month I completed on a property with a NRAM Ltd mortgage. However I am presently living with mother and father. I don't want to move in until for eight months due to personal reasons. In interim can I rent out the property with consent to let?
- Last month I bought a house with 10% deposit for personal uses. A mortgage was taken with NRAM Ltd. But my circumstances have now changed. I am being transferred overseas. Am I able to get consent to let from NRAM Ltd and put the property up to let?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to 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
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
If your property is 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 breach of your covenants under the lease. This could potentially result in 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