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.
Sample questions relating to Cumberland Building Society consent to let
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Colin (my husband) and I may need to lease our Haringey home temporarily due to a career opportunity. This will be for a limited period but possibly for as long as seven years. Do I inform Cumberland Building Society or should I just keep quiet?
- I am two years into a five year fixed term mortgage and planning to take a job abroad so wish to rent out my property for a couple of years. My LTV is about 65%. My question is whether Cumberland Building Society will load the interest rate for consent to let for the period of my letting?
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I have a current mortgage contract with Cumberland Building Society and wish to clarify if it would be possible to seek consent to let out our studio flat in Bromley.
The purpose for wishing to lease out the property are are due to: -
- My family and I will be moving to India in 3 months.
- In letting out the house this will facilitate savings to support the migration process.
- It would be pointless from a fiscal point of view to pay off the mortgage for a property which we are not residing in and by leasing out the home this would be viewed as an ongoing investment.
If Cumberland Building Society granted permission to us for renting we would suggest some financial assurances which are as follows: -
- Maintain paying the monthly mortgage payment directly from my current account.
- Retain the services of an accredited letting agent who will provide a rent guarantee scheme as a further financial safeguard.
- Supply our forwarding details for when we relocate.
- My partner and I wish to be informed of what the criteria is for Cumberland Building Society for consent to let. I have come across different suggestions in relation to charges and rates. I need to move area for career reasons but can not sell the house due to a depressed market.
- I currently have a mortgage with Cumberland Building Society that I would like to transfer to a consent to let as we have found another property we are looking to purchase. How do I apply for consent to let from Cumberland Building Society and what happens within the process?
- My Cumberland Building Society mortgage fixed rate ends in September and have to move with work then. Is it likely that I be able to both remortgage and gain consent to let?
- My job is now requiring mebe in different countries every month and as such I wish to get to grips with the procedure for seeking consent to let with Cumberland Building Society
- Do you know whether 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.
Information to consider in conjunction with the above Cumberland Building Society consent to let Advice
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
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 restrictions are not strictly observed you may be in breach of 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 commencing legal proceedings 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