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.
Frequently asked questions relating to Cynergy Bank consent to lease
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I plan to apply to Cynergy Bank for consent to let out my house in Cynergy Bank. However I currently have the property for sale but there are no takers and paying a full mortgage, council tax and insurance on an empty house is hurting financially. How are Cynergy Bank going to react if I market the property?
- I spoke to a IFA friend last recently. She said that if I decide to move abroad with my job for a period then I should not apply for consent to let from my mortgage provider (Cynergy Bank) until at least two weeks before I plan to rent out my property. Does that mean I have to find a tenant first and then obtain a consent to let?
- I have just come off a call with Cynergy Bank who have advised me that they are now aware that I am letting out the three bedroom second floor purpose built maisonette even though it is on a domestic mortgage. I moved out two years ago for work reasons, couldn't sell and was left with little option but to let out my property. Are you able to advise me on the ramifications will be for me not obtaining consent to let?
- I have a mortgage with Cynergy Bank however my husband and I will be relocating to the US in September. The mortgage is in my name yet it is my husband's job that is taking us abroad how do I answer the question: 'please indicate why you wish to let the property':
- I wish to lease out my house. Do I simply send a letter to Cynergy Bank asking for consent to let out the home?
- Can I get an interest only mortgage with consent to let when my current Cynergy Bank deal runs out September 23?
- I might be looking to rent out my property and wondered what I would need to do to negotiate consent to let from Cynergy Bank. There is a possibility that I might be emigrating permanently.
- I have a normal mortgage with Cynergy Bank which is only six weeks long but I have been relocated with work. Is it possible to obtain consent to let from Cynergy Bank for a mortgage that has only just started and I have just purchased the property?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Cynergy Bank consent to let Advice
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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them could result in your insurance becoming null and void. 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 lease may prohibit 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 the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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