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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.
Questions and Answers: Cumberland Building Society consent to let
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Is it possible to remortgage on a consent to let with Cumberland Building Society?
- I have a residential Cumberland Building Society mortgage and am looking for consent to let as I would like to move to another property belongings to me. It would appear that may be able to assist. Is there a charge for this service?
- I need to decide what to do ie let or sell. The property has a mortgage against it with Cumberland Building Society (with fair amount of equity). I want to buy and live in a second house but keep my old house and rent it out. How can I fund a second mortgage without selling my old property and using the equity as a deposit for the new property. Is there anyway I can change my old mortgage to a buy to let mortgages or obtain consent to let and take on a second mortgage without having a deposit to put down.
- Require some assistance about leasing a property and consent to let. I want to move in with my other half. The local authority would like to rent my flat for five years guaranteed with rent and service charges covered. Our mortgage was changed to Cumberland Building Society in 2014. Please advice
- I am looking at moving overseas for work and would like consent to let from Cumberland Building Society whilst I am away. Is the way forward to complete the consent to let form and send it off in the post to Cumberland Building Society? Letting the property isn't to make money but to keep the house in case things don't turn out as well as we hope
- I have Cumberland Building Society mortgage and am thinking of letting the property. I am lead to believe that I would require consent to let to do this...is that true ?
- My wife and I want to let our house out and use the rental income to cover the rent on a house in Southwark. How likely are we to be given consent to let by Cumberland Building Society without being forced onto a BTL product.
- Are you able to advise me how much the fees are and if Cumberland Building Society usually issue consent to let without transferring to a commercial rate?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Cumberland 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
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
If you do not keep up the payments on your mortgage with Cumberland Building Society your property may be repossessed