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.
Sample questions relating to NRAM Ltd consent to let
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NRAM Ltd have just granted me consent to let. After some effort, NRAM Ltd have issued me with ‘consent to let’ confirmation . There is reference to an assured shorthold tenancy. What is that?
- Next month I will be emigrating to Hong Kong. As opposed to sell my house, I would like to lease it out, just in case things don’t pan out. My existing mortgage is with NRAM Ltd. If I looked to refinance would a new lender see this as me looking to dodge a Buy To Let mortgage, of which there is very little availability for 80% LTV, and therefore reject my application for Consent to Let?
- Are you able to give me some advice on what the procedure is for applying for content to let, what do I need to do. I am considering a NRAM Ltd mortgage on a £140,000 property in twelve months time. The aim would be to hold the house as a second home but I need to consider what options are open to me to let the property in the future. If our situation was to change the house would either be sold or rented.
- How long after taking out a new mortgage do I have to wait before I can seek consent to let from NRAM Ltd? To give some background I bought my flat in Harrow 2 years ago and am currently on a three year fixed rate. Not long after I met a guy and now we are looking at moving in together. I am planning to get a better fixed term next June. I presume that I would have to hold back for at least half a year before I could apply for consent to let. Is that right?
- Is it possible to negotiate a consent to let from NRAM Ltd if I have a current mortgage which has been in place for seven years?
- 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 stage. How feasible are consent to let options currently?
- I may be looking to lease out my property and wondered what I would need to do to negotiate consent to let by NRAM Ltd. There is a possibility that I might be moving abroad for six months.
- Is there a fixed or maximum term how long I could let my property 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?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above NRAM Ltd 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
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 regular 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 to have a license to do so from the freeholder. If such conditions are not complied with you may be in violation 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 commencing legal proceedings against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with NRAM Ltd your property may be repossessed