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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.
Common questions relating to New Street Mortgages consent to lease
- Having spent 17 years in Manchester, I'm considering relocating to be closer to family. We've only been homeowners for the last two years and about to remortgage with New Street Mortgages. In the relocation destination, we are be looking at a 4 bedroom property around the £250k mark. I would preferably like to retain my existing apartment. Could I ask for Consent to Let from the proposed new mortgage provider New Street Mortgages. If granted what are the likely requirements?
- I’ve a fixed mortgage with New Street Mortgages (with a little over eighteen months remaining) but due to redundancy want to move away from Essex (actually to a new job in Holland) and so wish to rent the property out. We don't want to have the expense of a repayment fee and understand that some lenders are willing to grant this 'consent'...what is the policy adopted by New Street Mortgages?
- I rented my house out for three years from 2010-2013 while employed overseas. I have a letter dated January 2010 from the lender granting consent to let. In the letter it clearly stipulates that the consent to let is valid for "the remaining term of the mortgage". I have not remortgaged since the letter was sent. I now plan to move house and rent out my existing house. However, my mortgage advisor has suggested that the 2010 consent to let letter may not satisfy the new lender New Street Mortgages for the house I wish to purchase.Can this be right
- We are planning on acquiring a house, renting two of the bedrooms out in order to cover the mortgage with New Street Mortgages, and then moving on in a few years time - when the property would be fully let. Is it likely that New Street Mortgages would look at this unfavourably as I will have been granted a standard homeloan as opposed to a B2L or consent to let? I've read that the worst possible outcome is that they can repossess the property, is this right?
- I have a mortgage with New Street Mortgages on a 2 year fixed rate. I could have chance of a teaching job in Belgium next year. Am I eligible for consent to let by New Street Mortgages if I took this job overseas?
- Is there leeway in the accepted equity amount before transferring from a current New Street Mortgages mortgage to a consent to let?
- I have a domestic mortgage with New Street Mortgages which is only seven weeks in but I have been moved abroad with my job. How easy is it to obtain consent to let from New Street Mortgages for a mortgage that has only just started and I have just purchased the property?
- My wife and I have three months to left on a two year residential mortgage with New Street Mortgages but now let the property out. is it safe to assume they will simply charge a flat fee for consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
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
One thing to remember when arranging a consent to let mortgage with New Street Mortgages is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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.
If you do not keep up the payments on your mortgage with New Street Mortgages your property may be repossessed