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Need professional advice for your consent to let with Chesham 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 Chesham Building Society consent to lease
- I have a Chesham Building Society mortgage and have been letting out my flat without consent to let, making me in contravention of my mortgage contract. I fear that they have found out that I am not residing there. Is my best option is to sell the flat prior to being repossessed?
- Am with Chesham Building Society and wonder if I am duty bound to disclose if we no longer reside in my house. I fear that they may bump up the interest rate if we move and let it out but it's far from apparent what the change would be. Should I decide to rent my house out and apply for consent to let how would the payments increase?
- I am an existing Chesham Building Society mortgage customer seeking consent to let on my present property. We would like to buy near where we are based with the Royal Air Force,... but we may have to relocate.
- I have a normal mortgage on a maisonette in Greenwich but have rented it out without letting Chesham Building Society know this. I now need a consent to let letter. How can I get one?
- When it comes to consent to let from Chesham Building Society am I obliged to update them each time we get a new tenant and forward them a copy of the lease document?
- My fixed rate loan with Chesham Building Society ends in May and have to relocate for work soon after. Will I be able to both refinance and get consent to let?
- I am currently in the process of applying for a mortgage through Chesham Building Society - It is possible that in the coming months I may decide to rent the property out - how would I change the normal mortgage to a buy to let mortgage?
- I would like to lease out my house to be closer to my daughter's college and take care of my father. What do I need for the application of consent to let from Chesham Building Society?
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General Advice to read in further to the above Chesham 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
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 conditions are not complied with you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform 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.
If you do not keep up the payments on your mortgage with Chesham Building Society your property may be repossessed