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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.
Questions and Answers: New Life Mortgages consent to let
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Helen (my partner) and I may need to let our Lambeth home temporarily due to me taking a sabbatical. This will be for a limited period but perhaps for 2 years. Should I tell New Life Mortgages or am I best advised to not rock the boat?
- My house had been tenanted for three years between 2009-2012 while working overseas. I have a letter dated June 2010 from my building society granting consent to let. In the letter it clearly states that the consent to let is valid for "the remaining term of the mortgage". I have not remortgaged since the letter was sent. I now plan to move house and rent out my existing house. However, my IFA has suggested that the 2010 consent to let letter may not satisfy the new lender New Life Mortgages for the house I intend to purchase.Your view would be appreciated
- A colleague recently asked for CTL from the Woolwich which they refused citing that the mortgage had not been going for even half a year. I am about to request consent to let from New Life Mortgages. Do they adopt the same rule?
- Is it possible? The property has a mortgage against it with New Life Mortgages (with quite a bit of equity). I want to buy and live in a second house but keep my old house and rent it out. How can I fund a second mortgage without selling my old property and using the equity as a deposit for the new property. Is there anyway I can change my old mortgage to a buy to let mortgages or obtain consent to let and take on a second mortgage without having a deposit to put down.
- I want to let out the attic in my house in Southwark. Do I require consent to let from my mortgage provider New Life Mortgages?
- I am potentially moving in with my fiance at his home and would like to rent out my property that I acquired last autumn, I'm just not sure of the process as my property is my first home. What do I need to do to get consent to let from New Life Mortgages If I obtain consent will my mortgage payments increase?
- I am trying to find out if New Life Mortgages will grant consent to let in a situation where we need to move closer to relatives in a different house albeit that we may move back the future if circumstances change.
- I currently have a residential mortgage with New Life Mortgages and plan on letting due to work being based in Bristol. In asking for consent to let from New Life Mortgages do I run the risk of them forcing me to change deal to buy to let
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above New Life Mortgages 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
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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with New Life Mortgages your property may be repossessed