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.
Sample questions relating to Cynergy Bank consent to let
- Hello, I have a mortgage on an apartment with Cynergy Bank and I am thinking about letting the property out. Could this be done without transferring to a buy to let or receiving consent to let from Cynergy Bank?
- Is it legal to rent out our property minus consent to let from our mortgage provider? I am aware that at the time we signed a declaration saying it wouldn't be a buy to let property and that we don't own other property. I know you can't use help to buy if you owned other property at the time, but what about property thereafter? Can one acquire a further property, receive a gifted property?
- I want a bit of precautionary feedback as to whether consent to let is a feasible option. I completed the purchase of my apartment 6 months ago by transferring an existing Cynergy Bank mortgage product. My fixed rate ended four months ago. I'm currently considering moving in with a new partner who has his own property and mortgage also with Cynergy Bank, which I would not seek to be added to. I don't want to sell my property yet because I'm unsure of whether the new move will work out. I don't want to move to a buy to let mortgage yet for 2 reasons: 1) I need to discover if it is a marketable property with rents higher than my mortgage payments and 2) I need to come up with additional capital to meet the 65% LTV ratio required for a BTL loan. It would be preferable to get a consent to let from Cynergy Bank for 1-2 years in order to be more secure in becoming a possible landlord and to raise the capital. If at the end of the consent to let period I was unsure I would probably either sell my property or, depending on the new relationship working out, resume living there.
- I am on a two year fixed rate mortgage with Cynergy Bank which began in December. I will be moving out in August and have tenants ready to rent my property. I need to get a letter from Cynergy Bank granting consent to let until my term is up to allow me to start a new mortgage. What is the procedure for going about this?
- Will Cynergy Bank want to know why I am seeking consent to let? Is it wise to disclose my potential move overseas?
- My partner and I have a consent to let letter that I have attained from my management company. I would think I need to send this with a letter to Cynergy Bank with a view to gaining consent to let from them. What address shall I post it to?
- My wife and I spoken to someone at Cynergy Bank about changing our current mortgage to consent to let (the current fixed rate expires in june 2016). Can I just confirm that I need to formally put the request in writing setting out our change in circumstance to Cynergy Bank? Where do I need to post it to?
- Is there a time limit on a consent to let from Cynergy Bank? 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.
General Advice to read in in addition 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
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
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 terms are not adhered to you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform 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