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.
Common questions relating to New Life Mortgages consent to lease
- What is the difference between consent to let and changing to a buy to let mortgage? Also is the property subject to Capital Gains Tax if sold?
- I wish to move house and I am curious as to whether I can get consent to let on my house then get a mortgage approval for the new house so I can put in an offer without being part of a chain and then rent my property out once I move. Is it likely that New Life Mortgages grant consent to let for a year if they know I am wanting to buy somewhere else or only if I am moving temporarily for career reasons?
- My fixed rate runs out late 2016 and I'm planning on fixing for another 4 years with New Life Mortgages, with any luck rates will remain low. In two years time I might want to move temporarily to a different city. How problematic is it to get consent to let by New Life Mortgages under these circumstances? Assuming that monthly rent payments would be about £175 more than the New Life Mortgages mortgage payments.
- I am planning to apply for consent to let from my current mortgage lender New Life Mortgages. A friend of mine said that he was issued with ‘consent to let’ confirmation from a different lender where conditions attached to the consent referred to an AST. Can you explain what this is?
- Is there a maximum period that New Life Mortgages is willing to issue Consent To Let for?
- I would like to rent out my home. Do I simply mail a letter to New Life Mortgages asking for consent to let out the house?
- My mortgage is presently with New Life Mortgages and am considering whether to sell or rent in the short term but don't have the equity for a buy to let mortgage at this time. How feasible are consent to let options currently?
- Is there flexibility in the accepted equity amount before switching from an existing New Life Mortgages mortgage to a consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting 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
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 to have a license to do so from the freeholder. If such conditions are not complied with you may be in breach 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 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