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.
Sample questions relating to Nedbank consent to let
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I’d appreciate your advice if you have had experience applying for Consent to Leasefor12 months from Nedbank or if you know how such approval is given.
- My friend intends to rent out his flat out on the QT without consent to let via his mortgage lender Nedbank. He has been on an interest only loan since 2010. Outstanding amount due is £110k, having purchased the apartment for about £118k. If he lets the flat out privately, exactly what sanctions is he likely to face?
- Can you explain "consent to let" to me? I live in a 1 bed apartment and its in good condition. It has been on with agents for two months and I can't find a buyer. This is probably due to an ongoing feud with the guy next door. I have had to mention it on the disclosure form. Mortgage is with Nedbank on a fixed rate. It has been suggested to me that I should seek consent to let via Nedbank and rent the flat for a year or two.
- I let my property a year ago and didn't tell Nedbank. I have a five year homeowner mortgage (significant equity in it, no arrears) and want to let Nedbank know and get consent to let for the remaining two years of my mortgage . I am unsure what to do.
- I am potentially moving in with my boyfriend at his home and would like to rent out my property that I purchased last autumn, I'm just not sure of the process as my property is my first home. What hoops do I need to jump through to get consent to let from Nedbank If I obtain consent will my mortgage payments rise?
- Do Nedbank offer consent to let? I am just considering this as an option if I move house in the the near future
- My fiance and I have 5 months to run on a 2 year residential mortgage with Nedbank but now lease the property out. Can I assume they will just charge a set fee for consent to let?
- We are considering a remortgage offer with Nedbank and it's likely I will end up asking for consent to let at some point in the fixed period. Are there any fees I should that may be applicable?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Nedbank consent to let Advice
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
If your property is 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 terms are not adhered to you may be in violation 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 commencing legal proceedings against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Nedbank