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.
Common questions relating to Cumberland Building Society consent to lease
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My mortgage is coming up for reissuing with Cumberland Building Society. I have had the property rented out for a two years and I now realise that I should notifyCumberland Building Society. My understanding is that I should seek consent to let, but given that the property has previously been let out could they refuse - insist I go onto a BTL mortgage and even apply a penalty? I have over 25% equity in the house - and the rent will more than cover the mortgage.
- A friend of mine has rented her property from the same landlord for nearly two years. Over the course of the last six months my friend has received letters from Cumberland Building Society (it is apparent from the envelope). Inititially she forwarded them to the landlord’s address. My suspicions were aroused as none of her landlord’s post was supposed to be going there. I therefore went to my friends house and called Cumberland Building Society on her behalf. The gentleman I called at Cumberland Building Society asked all sorts of queries, the landlady's name her current address, information relating to the tenant and then said they were going to investigate whether she could legallylet out the house or if it was an offence without consent to let. Can you shed anymore light on this?
- I've been with Cumberland Building Society for about 2 years and have just re-fixed the mortgage rate. The LTV is about 28%. We now must move into my elderly mother-in-law's house to care for her, it would make sense to rent our house out - do I need to seek consent to let from Cumberland Building Society and is it likely to cost much?
- I am currently a Cumberland Building Society mortgage customer looking for consent to let on an existing property. We would like to purchase in close proximity to where we are based with the Royal Navy,... but we may have to move.
- I took a homeowner mortgage with Cumberland Building Society and with my circumstances changing significantly in the last four months, can I apply for consent to let. What changes will affect me?
- This is not a question specific to Cumberland Building Society but do lenders generally provide the information I need for my Buy to Let or Consent to Let self-assessment tax submissions?
- I was wondering if you can assist. I do not have consent to let from Cumberland Building Society and would like to know if this option would be possible for me to switch to as I must move back home to look after my mum
- I'm mulling over a remortgage offer with Cumberland Building Society and it's likely I will need take advantage of any consent to let option if available at some point in the fixed period. Are there any fees I should be aware of?
Find out more about how flying freeholds can affect the marketability of a property.
Information 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
One thing to remember when arranging a consent to let mortgage with Cumberland Building Society is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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 obtain the consent of 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
Omitting 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 Cumberland Building Society your property may be repossessed