Need Help?
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.
Cynergy Bank Consent to Lease Example Support Desk Enquires
- I'm currently looking for a mortgage as first time buyer and considering Cynergy Bank with my mortgage adviser. Let's say I choose a three year fixed rate I move in the property and after one year, I come to get an opportunity of work relocation requiring moving overseas. If Cynergy Bank gives me consent to let,does the rate increase?
- I took out a new mortgage with Cynergy Bank recently, borrowing extra with the intention to extend the property. That plan has proved not to be possible and I now intend to purchase a 2nd property as my primary home and lease the old property out with consent to let. Is that likely to land me in hot water?
- We intend to let our existing property out shortly after we find a new house. This is to be done with consent to let from Cynergy Bank. The property is currently in my name but I am a higher rate tax payer. Do I need to do a Transfer of Equity to her or can we enter into a Declaration of Trust?
- Due to a change in personal circumstances my husband and I are housesitting my parents house while they are away and letting our flat out. We are going to need for consent to let from Cynergy Bank. Will this be issued? We will need to refinance in the next 12 months will we then transfer to a BTL mortgage. We will definitely return to our property at within the next twelve months?
- I'd like to know if Cynergy Bank are likely to grant consent to let out our residential property in Redbridge
- We are looking to place our matrimonial home on rent due to job commitments and was wondering if this is possible to negotiate consent to let. It is on a fixed rate mortgage with Cynergy Bank until 2017 December
- Is consent to let a cost efficient way of becoming a landlord? Isn't this a loophole for some borrowers to exploit?
- Please could you confirm what the procedure would be if we move to a new property and need to obtain consent to let for our existing mortgage with Cynergy Bank
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to 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
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
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 conditions are not complied with you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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 Cynergy Bank your property may be repossessed