Need Help?
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
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Doing everything by the book I’ve been leasing out my house with "consent to let" from Chesham Building Society on a regular mortgage for the last three years. Chesham Building Society have advised of their intention of retracting their consent to let unless we transfer to one of their "buy to let" deals.
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I am a first time buyer interested in a detached house in Chesham Building Society. I have a 40% deposit and expect a mortgage from Chesham Building Society. My concern is that my girlfriend has a flat in Nuneaton and I anticipate moving in next month, at which point I would want to let out my property. I have heard of consent to let but it does not sound like a positive outcome is assured. Can you offer any advice?
- Existing residence worth £250k. Chesham Building Society mortgage owing £18k with 8 years to run. Obtain consent to let from Chesham Building Society for current flat and make use of income to pay off the last few years of the loan. Apply for sixty per cent Chesham Building Society mortgage on new flat that I will consider to be my primary residence? Can this be done?
- I have been in the Royal Air Force for three years and planning to purchase a home using a Chesham Building Society mortgage. I would like to be given consent to let the property to my parents. In the future I plan to live in the property with my family when I leave the Royal Air Force. Will I need to apply to my superior officer to request permission to rent it out?
- I currently have a mortgage with Chesham Building Society that I would like to transfer to a consent to let as we have identified another property we are looking to buy. How do I apply for consent to let from Chesham Building Society and what are the steps within the process?
- I would like some advice on how best to approach my mortgage company Chesham Building Society regarding a 'Consent-to-Let' application. Is this something you can help with ?
- We would like to obtain consent to let on a house where we have a mortgage with Chesham Building Society. If issued, how long would consent be given for? In asking for consent to let from Chesham Building Society are we running the risk of them forcing us to change deal to B2L
- I want to get consent to let from Chesham Building Society for a couple of years at which point I hope to transfer to a BTL. Is this possible
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Chesham Building Society 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
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 violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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 Chesham Building Society