Need Help?
Need professional advice for your consent to let with Cumberland Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Examples of recent questions relating to Cumberland Building Society consent to let
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What do I do if my application for consent to lease is turned down by Cumberland Building Society?
- My partner and I were planning to purchase a one bedroom apartment with 10% deposit with the intention of moving in. Somewhat fortuitously the in-laws are arranging to move to Dubai for a couple of years so we would be moving into theirHavering bungalow to "housesit". Should we go ahead with a residential mortgage with Cumberland Building Society would we likely encounter any difficulties with gaining consent to let ?
- As we are relocating and failing to find a buyer for our flat, we are thinking about renting it out. Am I duty bound to inform Cumberland Building Society? I am concerned that Cumberland Building Society might change our terms. I was hoping that if I continued paying on time it shouldn't be a problem, but am now concerned about insurance ramifications if we haven't come clean. Any advice?
- I am planning to lease out my house for 12 months from 28th July next year. Is there conventional wording for a letter I can use to write to Cumberland Building Society to request consent to let.
- How likely is it that I can retain my existing residential mortgage with Cumberland Building Society if I start renting out? If the consent to let is issued will they tie me into an increased rate?
- My husband and I have had my mortgage with Cumberland Building Society for eleven years with no arrear If I sought consent to let would it be granted?
- I am looking at some alternative lifestyle. I have a Cumberland Building Society mortgage, if I become a non-UK resident but wish to rent my UK house, do I need to get consent to let from Cumberland Building Society to do this ?
- Is there a time limit on a consent to let from Cumberland Building Society? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Cumberland Building Society consent to let Advice
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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under 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.
If you do not keep up the payments on your mortgage with Cumberland Building Society your property may be repossessed