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Need professional advice for your consent to let with Cynergy Bank? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Recently asked questions relating to Cynergy Bank consent to lease
- My partner and I were looking to buy a one bedroom apartment with 30k deposit with the aim of moving in. However in the next two years the in-laws are arranging to move to France for a year so we would be moving into theirWaltham Forest bungalow to "housesit". In the event that we proceed with a residential mortgage with Cynergy Bank would there be any issues with obtaining consent to let ?
- What information do Cynergy Bank expect to have to make a decision on consent to let. I have a five year fix with them. I have a good track record of mortgage payments over several years. I am looking at moving to the countryside owing to the family getting bigger. I will be sticking with my current job and my annual income has gone up 20% since the mortgage commenced.
- I own a house that's currently under shared ownership (My share is 50%) and I bought it in Aug 2014. I plan to go through the full purchase of the house. Me and my wife have also got a second house that we are looking to buy. Mortgage in principle has been approved by Cynergy Bank. I would like to know that I will be able to put the current house through consent to let as soon as the remainder share has been purchased so, that we can start the process of purchasing the new house
- We are currently in Hong Kong and renting out our apartment in Brent. This was unplanned but an opportunity presented itself and we took it. The rent achieved on the apartment is not enough to cover the mortgage so we send back funds each month to cover the shortfall. Yesterday I got a letter in the post from our lender telling me that as the property is being let out and has been for almost four years we will have to pay 1.5% interest in addition to our current mortgage rate. We could sell the property but this will not be easy as I am so far away. Would it be possible to remortgage with Cynergy Bank and get consent to let?
- My lender refuse to grant consent to let without a move in date confirmed with a tenant. How can I confirm this whilst lacking consent to let? I can't be certain but I think my friend had a similar issue with Cynergy Bank.
- How easy is it to get a consent to let from Cynergy Bank and what will it cost me? If I want to let out my property for a few months how easy is it to fluctuate between a residential mortgage and consent to let?
- I am trying to find out if Cynergy Bank will grant consent to let in a situation where we need to move closer to relatives in a different house albeit that we may move back the future if circumstances change.
- I am planning on relocating within the next 6 months and wish to lease my flat out. My mortgage rate is fixed with Cynergy Bank. I am worried a rate hike would be too much if that was a condition of receiving consent to let
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Cynergy Bank 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
One thing to remember when arranging a consent to let mortgage with Cynergy Bank 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 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 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
Neglecting to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Cynergy Bank