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 Lease Example Support Desk Enquires
- I had a chat with a mortgage broker friend last month. He said that were I to decide to move abroad with my job for a period then I should not apply for consent to let from my lender (Nedbank) until at least four weeks before I plan to lease out my house. Am I to understand that I have to find a tenant first and then obtain a consent to let?
- My fixed rate expires May 2017 and I wish to fix for another three years with Nedbank, with any luck rates will remain low. In two years time I may wish to move for a couple of years to a different county. How problematic is it to get consent to let by Nedbank under this situation? Assuming that monthly rent payments would be about £250 higher than the Nedbank mortgage payments.
- My cousin and his girlfriend currently lodge with me at my flat. This Spring I would like to move out of the property and in with my partner. How likely is it that I will be able to get consent to let from Nedbank after only having the mortgage for less than half a year?
- A colleague recently asked for CTL from the Woolwich which they refused because the mortgage had not been in place for even half a year. I am about to seek consent to let from Nedbank. Will they adopt the same rule?
- Please can you set out the process for being given consent to let by Nedbank? Are there specific requirements like you must have owned the property for over 9 or 12 months before its given?
- I am potentially moving in with my girlfriend but would rather not to sell my place. What is the process for requesting consent to let from Nedbank, and how likely is it that this will be granted?
- I have had my mortgage with Nedbank for the previous eighteen months and I am interested in finding out some more information about the possibility of obtaining 'consent to let’.
- Is consent to let a cost efficient way of becoming a landlord? Isn't this a loophole for some people to exploit?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above Nedbank consent to let information
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
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
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 conditions are not complied with you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them taking legal action 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