Need Help?
Need professional advice for your consent to let with New Life Mortgages Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Examples of recent questions relating to New Life Mortgages consent to let
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My wife and I may need to rent out our Lambeth home for a while due to a new job. This will be short-term but possibly for as long as 6 years. Must I notify New Life Mortgages or do I just keep quiet?
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Do I need consent to let from New Life Mortgages or can I rent out my new house without telling New Life Mortgages and having to switch to a buy-to-let mortgage?
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I am employed by a letting agency in loc and have been ask but a prospective tenant of a property for a copy of the ‘consent to let’ from the owners lender New Life Mortgages. Is there a new law that has triggered this question?I have not come accross this before, is this a new legal requirement?
- My fixed rate mortgage with New Life Mortgages comes to an end on 31st August. I am about to move to Brighton for my Job in next month. I wish to rent the house in the short term. Can I get a consent to let the property?
- How easy is it to get a consent to let from New Life Mortgages and what will it cost me? If I want to let out my property for a few months how simple is it to chop and change between a standard mortgage and consent to let?
- My wife and I are planning to switch mortgage provider to New Life Mortgages for a fixed rate but during this period would need to rent the house out for about 12 months. Do New Life Mortgages consent to let on fixed rate home loans and if so, what are the procedures.
- Are you aware of any flexibility in the accepted equity amount before switching from an existing New Life Mortgages mortgage to a consent to let?
- I am interested in further information regarding consent to let home loans, potentially switching our existing mortgage with New Life Mortgages across to a consent to let one.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above New Life Mortgages consent to let information
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 New Life Mortgages 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 lease may prohibit 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 the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
If you do not keep up the payments on your mortgage with New Life Mortgages your property may be repossessed