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Need professional advice for your consent to let with Cambridge Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Cambridge Building Society consent to let: Q and A’s
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My wife and I have a Cambridge Building Society home loan and are never missed a loan payment, in gainful employment etc. Do you know how much it will cost and if Cambridge Building Society usually grant consent to let without porting the loan to a commercial rate?
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Having endured living in a rough area for 3 years now, we now want to move. As selling the property will trigger a hefty redemption penalties to Cambridge Building Society of £5000, we thought that it would be sensible to rent it out. In the circumstances we need consent to lease from Cambridge Building Society only 12 months. What can I do to get consent?
- The plan is to move in with my partner and I have let my property out to 2 students on a one year tenancy. The application for consent to let from Cambridge Building Society is in hand but what if they decline. I can’t renege on my contract in terms of not renting the students as the paperwork is finalised. On the other hand Cambridge Building Society could sue me for contravention of contract i.e. letting it out in the absence of consent to let.
- I have been in the armed forces for six years and am looking to buy a house using a Cambridge Building Society mortgage. I would like to obtain consent to let the property to my sister. In years to come I would live in the property with my wife and kids when I leave the armed forces. Is this achievable?
- I will have to move to Philadelphia for a couple of years, I have a house with a Cambridge Building Society mortgage. Do I need to seek consent to let? Will they be cooperative?
- I have a mortgage with Cambridge Building Society on a three year fixed term contract. I could have an opportunity for a teaching post overseas in twelve months time. Am I eligible for consent to let from Cambridge Building Society if I took this opportunity abroad?
- My brother and I have a mortgage with Cambridge Building Society but am told they have a policy that they refuse to give consent to let the property to a local authority. Is this right and if so, is there a way to bypass this?
- I am trying to find out if Cambridge Building Society will grant consent to let in a situation where we need to move closer to relatives in a different house albeit that we may move back the future if circumstances change.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Cambridge Building Society 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
If 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
If your property is 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 restrictions are not strictly observed you may be in breach of the lease. This could trigger 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Cambridge Building Society