Need Help?
Need professional advice for your consent to let with New Street Mortgages? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
New Street Mortgages Consent to Lease Example Support Desk Enquires
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My partner and I plan to return to Beijingin Month, perhaps short-term but conceivably longer term. I'm in the process of writing to New Street Mortgages for consent to let out my home in New Street Mortgages. I have had a mortgage with New Street Mortgages for Six years and there have been no arrears. New Street Mortgages say, that even if they give permission, that this will be limited consent for 12 months. After the year is up what happens next?
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I am in an impossible situation with a Consent to Let home loan. Reacting to my requisition for consent to let the lender has asked me to provide them with an executed Assured Shorthold Tenancy prior to issuing consent. Is is not the case that if I adhered to their request that I would be breaching the terms of my existing mortgage?
- My partner and I are FTBs, presently renting. We would ideally like to buy a three bed flat in Hackney. We want to move there, but will need to wait for a job - perhaps a couple of years. Do we need to get a B2L mortgage? Could we have a residential mortgage with New Street Mortgages, because we intend to move there soon? Or could we move there for a few of months, then start renting it with consent to let from New Street Mortgages? I'm only evaluating suggestions that are fully legitimate, and have no intention of breaching the provisions of the New Street Mortgages mortgage.
- Much to my surprise I have just been presented with an excellent job opportunity for eight months in Denmark. I do have sufficient cash reserves to meet the monthly New Street Mortgages mortgage yet the buildings insurance stipulates that the property must be occupied in order to be valid. Last December the roof suffered storm damage but was repaired. Should there be any problems through the winter months I would find it hard to afford remedial works. Will I qualify for consent to let by New Street Mortgages for a limited period?
- This is not a question specific to New Street Mortgages but do lenders usually supply the information I need for my Buy to Let or Consent to Let self-assessment tax submissions?
- I have New Street Mortgages mortgage and am considering letting the property. I am lead to believe that I would need a consent to let to do this...is that right ?
- Me and my husband may have to lease our home temporarily due to a new job. This will be for a limited period but no more than twoyears. Should I tell New Street Mortgages or am I best advised to keep schtum?
- I was just wondering if there are any restrictions in getting consent to let on a freehold property when I have a mortgage with New Street Mortgages
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above New Street Mortgages consent to let Questions and Answers
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
If 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
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 restrictions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with New Street Mortgages