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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.
Recently asked questions relating to New Street Mortgages consent to lease
- I have a shared ownership home in Brent and will be looking to buy out the rest of the property. However, within the next six months I may be working overseas for a short period of time so would like to know what approach New Street Mortgages take to consent to let as I am considering a remortgage with them. I am by no means sure that a mortgage can be obtained on my property but in the meantime can you provide further advice on their consent to let criteria?
- I have a garden flat in Havering let out which has a sixty year lease. Mortgage broker suggested I should refinance (currently with New Street Mortgages) as a buy to let instead of consent to let and release 45-55k which on top of a new mortgage based on income multiples would give me a budget of £200k. Not much about in Havering for me to get my own place. A lease extension will cost 19k. Rent out with consent to let or sell the flat?
- I've been with New Street Mortgages for about 2 years and have just re-fixed the mortgage rate. The loan to value is around 28%. Unfortunately we need to move into my mum’s home to look after her, it would make sense to rent our house out - do I need to seek consent to let from New Street Mortgages and is it likely to be granted?
- I have a ground floor flat in Lewisham which I inherited in 2007 and which I have since remortgaged with New Street Mortgages on a fixed rate which ends next February. If I want to let out the property whilst I go travelling what do I need to do and is there a time limit? Are there any other consequences when applying for consent to let?
- Will New Street Mortgages want to know why I am seeking consent to let? Is it wise to inform them of my potential move abroad?
- I have a mortgage with New Street Mortgages on a two year fixed rate. I may have chance of a teaching post abroad next summer. Would I be eligible for consent to let via New Street Mortgages were I to accept this job abroad?
- We have a mortgage with New Street Mortgages at the moment and just wondering about the procedure for getting a 'consent to let'
- I own a house in Redbridge. I would like remortgage with New Street Mortgages and seek consent to let. I'm still inside the redemption penalty period so not sure if I will be liable to pay that?
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Information to consider in in addition 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
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 obtain the consent of the freeholder. If such restrictions are not strictly observed 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 taking legal action against you. Be sure to obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with New Street Mortgages