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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.
Questions and Answers: Nedbank consent to let
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I have a standard mortgage over my property in loc and intend to move to country for a couple of years. During this time frame it would be ideal if I could let out my apartment. My lender refuses to issue a consent to let. I wish to avoid taking out a buy to let mortgage as it’s only a short term option that I am going away for.
- I'm presently locked into a rental contract until May and am purchasing an apartment. Would my lender Nedbank have an issue with consent to let until my tenancy finishes and then moving in?
- What is the procedures for obtaining consent to let from Nedbank? What documents do they require? is there a fee to pay? Is consent generally limited in time and if so, for how long? Do I need to renew it every year? What if I obtain a consent but decide not to rent the property out?
- I was just seeking guidance on whether I will be allowed to change a standard mortgage with Nedbank to a consent to let. It will be less than 55% ltv and it would change from capital and interest repayment to interest only?
- How much of my loan allowance will be made available to borrow if I switch my mortgage to a consent to let with Nedbank?
- Interested to know if I would be able to get consent to let from Nedbank enabling me to move back to my mother and father for 12 months and save the cash on the lease extension for my property?
- We took out a mortgage with Nedbank a few months ago and although it's a long way off we may have to relocate around next Summer and would like to be able to let our property out. Would this be possible with a non-commercial mortgage?
- I have a mortgage with Nedbank but would like to rent my house out and move in with my girlfriend and baby what is required to obtain consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Nedbank consent to let Questions and Answers
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
If 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 inform them may result in your insurance becoming null and void. 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 obtain the consent of 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
Omitting to inform 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 Nedbank your property may be repossessed