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.
Common questions relating to Nedbank consent to lease
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We have a Nedbank mortgage and are are up to date with payments, both employed etc. Can you tell me how much the fees are and if Nedbank are likely to give us consent to let without changing to a different deal?
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I intend to let out my flat to some tenants who have asked me for a duplicate of my ‘consent to let’ from Nedbank, my bank. Is this standard practice? My letting agent cannot offer an explanation, can you?
- I'm planning to remortgage my garden flat, currently let out under consent to let from Nedbank, onto a BTL rate as we are unlikely to be moving back into it now since we have our family home. So, I'm assuming I need a specialist financial adviser for this and I am not really familiar with what my options are. Are you able to recommend an efficient broker service specialising in BTL?
- Meeting with my broker on Monday. I am going to apply for Consent to Let from my current lender Nedbank. My new property in Harrow will be 90% loan to value. I have been told by a friend that some lenders dont want consent to let customers and I may have issues regarding my new mortgage. Is there any truth in this?
- We have already let but only just dawned on us that Nedbank should've been informed and consent to let sought - can this be obtained retrospectively?
- We have already been told to write a letter to Nedbank to obtain consent to let, I'm just trying to find some guidelines on the letter? What I should or shouldn't include?
- I have a consent to let letter that I have procured from my management company. I would think I need to send this with a letter to Nedbank with a view to procuring consent to let from them. What address shall I post it to?
- I am relocating for work for as long as 12 months... I was wondering if I was able to obtain from Nedbank consent to let the house out while I was away as I am reluctant to leave it empty for that long
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read 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
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 trigger 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 to have a license to do so from the freeholder. If such conditions are not complied with 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 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.
If you do not keep up the payments on your mortgage with Nedbank your property may be repossessed