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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.
Common questions relating to New Life Mortgages consent to lease
- Hi, I have a mortgage on a flat with New Life Mortgages and I am thinking of leasing the property out. Could this be done without changing to a buy to let or getting consent to let from New Life Mortgages?
- I have my one bedroom apartment in Brent on the market but notwithstanding a couple of viewings there is a lack of interest so far. As a fall back position I am considering leasing out the property if it doesn't sell. I dont foresee a problem getting consent to let from the freeholder. My IFA says that in such circumstances I may have to switch to a B2L mortgage yet I probably don't have enough equity needed. What's the worst that could happen if I was to just keep the existing New Life Mortgages home loan and let the property out without informing them. As long as the mortgage is being paid in full and on time, why would they care or check?
- Meeting with my broker on Monday. I will apply for Consent to Let from my current lender New Life Mortgages. My new property in Westminster will be 75% LTV. I have been told by a friend that some lenders dont want consent to let customers and I may encounter difficulties regarding my new mortgage. Am I likely to encounter this problem?
- We have a self certified mortgage with New Life Mortgages that we are having difficulty negotiating consent to let due to being in New York and renting out the flat a few years ago without their approval which we did not know was required. We have a 38% LVR and made overpayments of £500pm for 5 years so we are not in arrears. We would happily swap onto a buy to let mortgage with them at an increased rate yet we haven't been given that as an option.
- We are considering a remortgage and also thinking of renting the property in the future - Is there a fee with New Life Mortgages to obtain a consent to let and what are the requirements?
- I'm about to change lender to New Life Mortgages for a fixed rate but the likelihood is that I would need to rent the property out for approximately 12 months. Do New Life Mortgages consent to let on fixed rate home loans and if so, what are the costs.
- I took a standard mortgage with New Life Mortgages - about 40% equity. I am considering relocating for another job and was enquiring if New Life Mortgages are flexible in changing the mortgage to allow for consent to let?
- Do you know whether there a time limit on a consent to let from New Life Mortgages? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental 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
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 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 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 breach 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 New Life Mortgages your property may be repossessed