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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.
Frequently asked questions relating to NRAM Ltd consent to lease
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I plan to get in touch with NRAM Ltd for consent to let out my home in NRAM Ltd. However the property has been on with agents for 4 weeks but there without a sniff of interest and forking out for a full mortgage, council tax and insurance on unoccupied house is hurting financially. What approach would NRAM Ltdtake if I market the property?
- My husband and I are looking to apply to NRAM Ltd for consent to let on my existing residential property in Harrow. I am hoping to release equity from my existing property ahead of this, and using that money to buy a new residential property. I will move into that house whilst doing it up for six months after which I plan to sell it then move back to my current property. Is this something NRAM Ltd will consider consent to let for or is that out of their criteria?
- Hello, I have consent to let my property with NRAM Ltd and am about to give my tenant 2 months notice as I wish to sell the property. I am worried about the property being unoccupied when the tenant leaves and finding a buyer. Not once have I missed a payment on the account, is it likely that I would be able to take payment holidays pending the sale of the property?
- Last month I got married and my wife and I would like to purchase a family home in the coming year, whilst keeping our maisonette in Camden we currently live in to rent out. Mortgage on the flat is with NRAM Ltd. I don't want to put myself in a situation with two residential properties and then be refused consent to let.
- Is it possible to negotiate a consent to let from NRAM Ltd if I have an existing mortgage which has been in place for ten years?
- Just looking for some information. I currently have a mortgage in place with NRAM Ltd. I have had licence to temporarily rent out my flat from the freeholder of the block and they asked if I have consent to from NRAM Ltd.
- I have a mortgage with NRAM Ltd 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 time. How feasible are consent to let options currently?
- I am hoping to fix my residential mortgage with NRAM Ltd but as a result of my job I might have to live abroad for a couple of years. Will NRAM Ltd allow and grant consent to let and there be any penalty
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above NRAM Ltd consent to let Info
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
Failure 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
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 violation of 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 commencing legal proceedings against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with NRAM Ltd your property may be repossessed