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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.
Top Five Questions relating to Cambridge Building Society consent to lease
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My fixed rate mortgage is nearing reissuing with Cambridge Building Society. The property has been sub-let for a few years and I think I should come clean toCambridge Building Society. I am led to believe that I should seek consent to let, but given that the property has previously been rented out could they decline - require that I go onto a BTL product and even apply a penalty? I have over 25% equity in the house - and the rent will more than cover the mortgage.
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My husband and I bought a mews house in 2013 for 230,00 with Cambridge Building Society. My husband’s job requires him to relocate to Qatar and now wish to request consent to let from Cambridge Building Society. Will they grant permission?
- Much to my surprise I have just been presented with a once in a lifetime career opportunity for 9 months abroad. I have enough money to pay the monthly Cambridge Building Society mortgage yet the block insurance stipulates that the property must be occupied in order not to be invalidated. Last Christmas the roof was damaged but repaired. If there happened to be any problems through the winter months I would struggle to cover the repair costs. Will I qualify for consent to let from Cambridge Building Society for the time I am abroad?
- My wife and I acquired a apartment in Leeds and will be relocating to Bristol at the end of the month. I have a letting agency and tenant ready. I was planning to leave everything as it stands as I'm concerned Cambridge Building Society will say I have to change my mortgage rate for buy to let which is not financially viable. I would like to seek a consent to let via Cambridge Building Society but am afraid if I show my hand it would result in a whole host of problems
- Is there a maximum period that Cambridge Building Society is willing to issue Consent To Let for?
- Cambridge Building Society homeowner mortgage. Will they issue consent to let a property for a couple of years? I plan to return as a resident.
- Last month I completed my mortgage with Cambridge Building Society since when my boyfriend has proposed and we are deciding whether to reside in his house or my property. Would I be granted consent to let if I decided to move into his property
- Me and my husband have an annexe in our garden. Do we need consent to let this from Cambridge Building Society? If so, what is the process if I would like to transfer the mortgage to consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 conditions are not complied with you may be in breach of the lease. This could trigger 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Cambridge Building Society