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 let: Q and A’s
- I have a NRAM Ltd mortgage on an apartment I own, in Greenwich. Last month, due to a change in my circumstances I decided to rent out the apartment, and rent another property in a different area within same loc. The personal circumstances that altered is that my partner moved in, and the flat is not large enough for our needs. I do not wish to dispose of the flat because the current market value is 15% less than the market value when I bought the flat seven years ago. I wrote to NRAM Ltd for a consent to let which was turned down because they determined that my intention was to invest in the flat. Any advice would be greatly appreciated, as i am at the end of my tether. The matter is urgentas there is a prospective tenant waiting for this consent to let and could look elsewhere.Yours sincerely
- What is the procedures for obtaining consent to let from NRAM Ltd? What information do they require? is there a fee to pay? Is consent generally limited in time and if so, for how long? Do I need to renew it every year? What if I obtain a consent but decide not to rent the property out?
- I took out a new mortgage with NRAM Ltd recently, borrowing extra with the intention to extend the property. That extension has proved not to be possible and I now intend to purchase a 2nd property for residential purposes and lease the existing property out with consent to let. Is that likely to be a problem?
- As a result of a change in personal circumstances my husband and I are housesitting my mum and dad’s house while they are away and letting our home out. What is best way to approach my mortgage lender for a 'Consent-to-Let' ? We will need to refinance in the next year will we then transfer to a BTL mortgage. We will 100% return to our home at within the next twelve months?
- I have a mortgage with NRAM Ltd but am told they have a stipulation that they refuse to issue consent to let the property to a local authority. Is this correct and if so, can you suggest a way round this?
- Is there a fixed or maximum term how long I could rent my house out to a family member with consent to let from NRAM Ltd. I no longer want to live in the area and want to buy a new home?
- Is consent to let a less costly way of renting out your property? Isn't this a loophole for some people to exploit?
- I have a mortgage with NRAM Ltd but would like to let my house out and move in with my girlfriend and baby what would I have to do to obtain consent to let?
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 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
One thing to remember when arranging a consent to let mortgage with NRAM Ltd 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 provisions in the lease may prevent 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 violation of your covenants under 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with NRAM Ltd