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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.
Top Five Questions relating to Cynergy Bank consent to lease
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For the last few months I have been letting out my flat in Sutton. I didn't request consent to let. I moved to Aldershot for a job opportunity and couldn't do a commute but was worried that Cynergy Bank would charge me a small fortune so I decided to take the risk. I'm hoping to legitimise it now... basically continue leasing it but with consent. What are my next steps?
- I am currently in the process of emigrating to Beijing . As opposed to finding a buyer, I wish to let my existing property out, just in case things turn out badly and I decide to come back within a couple of years. The current mortgage is with Cynergy Bank. Would I be able to refinance with another mortgage provider on a much lower interest rate then apply for Consent to Let after the re mortgage is in place?
- I have a normal mortgage with Cynergy Bank and will be joining the Royal Fleet Auxiliary in September. This is a civilian manned fleet run by the Ministry of Defence. I will be at sea four months on and three months in the UK. Whilst away I want to rent out my house in Hackney and live with my father when on shore. What's involved in getting consent to let? Can it be granted? and does it involve an increase in interest rates?
- My husband and I might have to rent his studio flat out. I realise that I require consent to let from Cynergy Bank. We plan on joining a landlord association should we go ahead and let the flat, but which of the two should we join? We've seen the RLA and National Landlords Association.
- I was just wondering if Cynergy Bank would issue me with consent to let and what kind of charges, penalties and rate increase etc
- My partner and I are looking at new mortgages and also exploring the possibility of renting the property in the years to come - Is there a fee with Cynergy Bank to obtain a consent to let and what are the requirements?
- Prospective tenants are about to move into my property and I have mortgage offer from Cynergy Bank on new house on condition of consent to let for original house. How long should it take to receive letter once I send back a completed application with cheque.
- My Cynergy Bank mortgage is coming up for renewal. We would like to apply for a new fixed rate mortgage and then seek consent-to-let. Is this possible? We don't use the house much now that our kids are growing up, and would be better used as a rental.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Cynergy Bank consent to let Questions and Answers
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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 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 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Cynergy Bank your property may be repossessed