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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.
Questions and Answers: New Street Mortgages consent to let
- A year ago my mortgage company (not New Street Mortgages) gave me with consent to let. This was subject to a provision that every half year they would levy a charge of half a percent of the outstanding mortgage amount. Having the first couple of payments they have omitted to make the charge in recent months. Should I be worried that this means that my consent to let has been canceled .
- I'm planning to remortgage our old studio flat, currently let out with consent to let from New Street Mortgages, onto a BTL rate as we are unlikely to be moving back into it now since we have our family home. So, I'm assuming I need a specialist broker for this and I am not really conversant with what is available in this area. Are you able to offer any advice on a good broker service specialising in BTL?
- I found tenants for my house in the summer and didn't tell New Street Mortgages. I have a three year domestic mortgage (healthy equity in it, no arrears) and want to let New Street Mortgages know and get consent to let for the final two years of my mortgage . I am unsure how to go about this.
- My OH and I are looking to rent out our one bedroom apartment in Lewisham in July. I would like some advice on what I need to do. I've just moved our New Street Mortgages mortgage to a fixed term and just need to understand the process and what information I'll need to get consent to let.
- When it comes to consent to let from New Street Mortgages am I obliged to tell them every time we get a new tenant and forward them a copy of the lease?
- My mortgage is presently with New Street 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 stage. How feasible are consent to let options currently?
- My mortgage has been with New Street Mortgages for ten years. I would like to apply for consent to let my property. I have been waiting for New Street Mortgages to get back to me. Are you able to please check and help?
- Me and my partner am looking into the option of renting out my flat with consent to let from New Street Mortgages whist away travelling for a couple of months
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Important warnings to consider in supporting the above New Street Mortgages consent to let Questions and Answers
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
Where 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 may result in your insurance becoming invalid. 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 conditions are not complied with you may be in breach 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 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