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.
Frequently asked questions relating to New Life Mortgages consent to lease
- I have a shared ownership property in Sutton and will be looking to buy out the rest of the property. However, within the next six months I may be working in Kenya for a short period of time so would like to know what approach New Life Mortgages take to consent to let as I am considering a remortgage with them. I am not sure if they will lend on my property but as an aside can you provide further detail on their consent to let policy?
- I have a mortgage with New Life Mortgages on a property and I would like to find a tenant for it out and rent an alternative property due to changes in personal circumstances - I want to move to a different area, and to live in a bigger property with my partner. I applied for consent to let and yesterday got a response refusing because they determined that I want to invest. I dont know what to do now. I am now at risk since I am already committed to the new property and would have to pay both New Life Mortgages and rent, which could expose me financially. The matter is urgent because a prospective tenant waiting on the sidelines
- I'm looking to remortgage my studio flat, currently let out under consent to let from New Life Mortgages, onto a BTL rate as we will not be moving back into it now since we have our family home. So, I'm assuming I need a specialist financial adviser for this and I am not really au fait with what is available in this area. Are you able to offer any advice on an efficient broker service specialising in BTL?
- I am a landlord having served eviction orders on a tenant who had not paid rent. The relevant claims have been served. The tenant's defense for refusal to pay is built on the assertion that I lack consent to let my garden flat from my mortgage company New Life Mortgages
- I’m about to finish the fixed rate period of my 2 year fix with New Life Mortgages and go on to the standard variable rate. Can you tell me whether consent to let by New Life Mortgages is a foregone conclusion, if there are charges, and if there conditions?
- Is it possible to negotiate a consent to let from New Life Mortgages if I have an existing mortgage which has been in place for ten years?
- I have a mortgage 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 consent to let required from New Life Mortgages if I am intending to reside in the apartment myself for part of the year? In addition if I gain consent to let for a limited time, say up to twelve months, what happens thereafter.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above New Life Mortgages consent to let Info
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
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 violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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