Need Help?
Need professional advice for your consent to let with Nedbank Private Wealth Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Nedbank consent to let: Q and A’s
-
Do I need consent to let from Nedbank or can I rent out my basement flat without telling Nedbank and having to convert to a buy-to-let loan?
- I have a Nedbank mortgage on a flat I own, in Waltham Forest. Last month, due to a change in my circumstances I decided to rent out the apartment, and rent an alternative property in a different area within same loc. The personal circumstances that altered is that my partner moved in, and the flat is not big enough for our needs. I do not wish to sell the flat because the current market value is significantly lower than the market value when I bought the flat ten years ago. I contacted Nedbank for a consent to let which was turned down because they felt that I wanted to invest in the flat. The whole process was very confusing. There is a sense of urgencyas I have a prospective tenant waiting for this consent to let and could withdraw.Please call me to discuss
- Please explain "consent to let" to me? I live in a 1 bed apartment and its in good condition. It is on the market and I am struggling to sell. This is probably due to an ongoing feud with the guy next door. I had no choice but to mention this on the disclosure sheet. I am with Nedbank on a fixed rate. Someone mentioned I should seek consent to let from Nedbank and let the flat for a couple of years.
- My fixed rate mortgage with Nedbank runs out May 2016 and I wish to fix for another three years with Nedbank, hopefully rates will still be low. In in next couple of years I may wish to move temporarily to a different city. How simple is it to get consent to let by Nedbank in these circumstances? Assuming that monthly rent payments would be about £175 higher than the Nedbank mortgage payments.
- Just looking for some help. I already have a mortgage in place with Nedbank. I have been given approval to temporarily rent out my flat from the freeholder of the block and they asked for a copy of the consent to from Nedbank.
- I am currently in the process of applying for a mortgage through Nedbank - It is possible that in the coming months I may decide to rent the property out - how would I swap the normal mortgage to a buy to let mortgage?
- I am hoping to fix my residential mortgage with Nedbank but as a result of my job I will probably have to live abroad for a couple of years. Will Nedbank allow and give consent to let and will any penalties be applied in such a situation
- I'm considering a remortgage offer with Nedbank and it's a strong possibility that I will require consent to let at some point in the fixed period. Are there any fees I should be aware of?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above Nedbank 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
One thing to remember when arranging a consent to let mortgage with Nedbank 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Nedbank