Need Help?
Need professional advice for your consent to let with NRAM Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
NRAM Ltd Consent to Lease Example Support Desk Enquires
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Is it possible to remortgage on a consent to let with NRAM Ltd?
- What information do NRAM Ltd need to have to make a decision on consent to let. I am on a 3 year fix with them. I have a good track record of mortgage payments over several years. I am planning a move to Havering due to the family getting bigger. I will be retaining my existing job and my salary has gone up 15% since I took the mortgage out.
- I am 2 years up in my 5 years fixed term mortgage and planning to take a job abroad so would like to rent out my property for a couple of years. My LTV is around sixty per cent. Are you able to clarify whether NRAM Ltd will charge me more interest for consent to let for a couple of years?
- My colleague is intent on letting his apartment out on the QT without consent to let via his mortgage provider NRAM Ltd. He has been on an interest only mortgage since 2009. Currently owes £99k, having paid for the apartment for about £118k. If he lets the apartment out privately, exactly what sanctions does he risk?
- I am looking to NRAM Ltd to grant consent to let out my flat in Hillingdon. I am about to commence a PhD opportunity in Maastricht University, Netherlands
- I’m about to finish the fixed rate period of my three year fix with NRAM Ltd and change on to the current variable rate. Can you tell me if consent to let by NRAM Ltd is a foregone conclusion, if there are charges, and if there are time limits?
- I am considering relocating with work and would need to rent my property out. I have a mortgage with NRAM Ltd. My property is worth approx £200k and owe £48k on it. How likely is it that NRAM Ltd increase my mortgage rate?
- I am already letting out my property but may have been found out. I have five months remaining on my fixed rate. How easy is it to get consent to let from NRAM Ltd. Is it just a quick phone call, pay the fee and it's done there and then?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above NRAM Ltd consent to let Info
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 inform them could trigger 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 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
Failure 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with NRAM Ltd