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.
Examples of recent questions relating to New Street Mortgages consent to let
- I have a New Street Mortgages mortgage on an apartment I own, in Greenwich. Last month, resulting from a change in personal circumstances I decided to let out this apartment, and rent a house in a different area within same loc. The state of affairs that altered is that I started living with my partner, and the flat is too small for our needs. I do not wish to dispose of the flat because the current market value is 15% less than when I purchased the flat ten years ago. I applied to New Street Mortgages for a consent to let which was refused as they felt that my intention was to invest in the flat. Any insight would be greatly appreciated, as i am at the end of my tether. The matter is urgentbecause there is already a prospective tenant waiting for this consent to let and may pull out.Many thanks
- I own a two bed leasehold maisonette with a New Street Mortgages mortgage and have a lodger sharing with me. I have decided to relocate to Lambeth and will look for a property to rent. My lodger would like to remain and is willing to pay a higher rent. Am I obliged to seek consent to let from New Street Mortgages?
- I have a New Street Mortgages mortgage with my twin and am looking to leave and get a new mortgage with my partner. How would I proceed with taking in a lodger? Do I need consent to let via New Street Mortgages? My twin will stay in the apartment
- As a result of changes in my personal circumstances I am planning to move in with my girlfriend next week and I have let my property out to two tenants on a one year AST. I am now applying for consent to let from New Street Mortgages but what if they decline. I can’t rescind on my contract in terms of backing out of renting the students as the paperwork is finalised. On the other hand New Street Mortgages could take me to court for contravention of contract i.e. renting it out without consent to let.
- My partner and I are looking to ask New Street Mortgages for consent to let out our house in Sutton. We are relocating overseas for 3 years and need to rent out the property. I failed to look into this when we got the New Street Mortgages mortgage, and that was due to the fact that we never anticipated an opportunity would arise such as this so was planning on living in the house.
- How much is it to get a consent to let from New Street Mortgages on my residential property. I've moved in with my husband and have a colleague renting from me.
- I wish to purchase a new house but can't afford to sell my current flat with a New Street Mortgages mortgage. Do you know the criteria for New Street Mortgages to give consent to let? Is getting married and having children a sufficient reason to make the request?
- I am already letting out my property but may have been sussed out. I have four months remaining on my fixed rate. How easy is it to get consent to let from New Street Mortgages. Is it just a five minute phone call, pay the fee and that's it?
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 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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with New Street Mortgages