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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
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What is the most extreme action Cynergy Bank can take if I have let out my house in the absence of consent to let?
- I have had a current mortgage with Cynergy Bank for almost 2 years and the fixed rate is soon to expire. We are looking at releasing equity out of our existing home to enable us to acquire a more substantial house and then rent out the current one bedroom apartment. The initial advice we received was that we should look for a new domestic mortgage allowing for consent to let - what does this mean?
- Is it the case that the estate agents we rented through have a duty of care to have checked that the landlord sought consent to let from Cynergy Bank?
- I have been renting out my flat to students for two years but not on a buy to let mortgage as I naively considered that you only required a buy to let if you had more than one mortgage. In trying to buy a second property, I discovered that I should have obtained consent to let all along from my lender Cynergy Bank. I'm enquiring whether I can now ask Cynergy Bank for a consent to let?
- I will have to move to Boston for two years, I have a property with a Cynergy Bank mortgage. Do I need to ask consent to let? Will they grant it?
- I wishing to obtain consent to let for my flat as I am moving out for four months currently fixed Cynergy Bank mortgage with two years which is due in December next year.
- My daughter has a mortgage with Cynergy Bank and she wants to lease her apartment out as she moving in with her boyfriend.Will she be granted consent to let? What is the process and what needs to be done next?
- My husband and I have a mortgage with Cynergy Bank and would be thinking about purchasing another main residence and then subsequently renting our current house out. Do I need consent to let from Cynergy Bank?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Cynergy Bank consent to let information
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
If your property is 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 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 taking legal action 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