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Need professional advice for your consent to let with Cambridge Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Common questions relating to Cambridge Building Society consent to lease
- I obtained consent to let from Cambridge Building Society in 2011 but failed to need it and have since remortgaged to a new lender. I recently applied for consent to let. I was informed that it would be forthcoming since I met the criteria. I have now got a communication advising me that I need to provide a letter from the DWP evidencing that that are aware of my current situation before they can issue consent. They said this is policy but I have not been able to find these conditions on their site. I did complain about the insinuation that I might intend to continue to claim help with interest from the DWP whilst receiving rental on the property. They apologised and offered to deposit £35 in my account . However i still am unable to locate this term and condition and i feel this is otherwise inappropriate I want to let my property as a way of releasing me from redress to social benefits not in order to continue with them
- At the moment have a five year fixed rate home loan with Cambridge Building Society that we're approximately a year into. Our circumstances have now changed and we would like to let out our house for a year and move to another town. How do we minimise the risk of Cambridge Building Society rejecting consent to let.
- I previously took a mortgage with Cambridge Building Society and the loan to value is presently 60% with the Cambridge Building Society current book value and would like to buy another property but do not want to sell my existing property at the current market value. I have had CTL from Northern Rock on a previous property so know a bit about them and I also have buy to let with Mortgage Express on another property. Does the expected rental income on a consent to let with Cambridge Building Society need to be over and above the mortgage repayments? I have a fixed rate which I tied into a fixed rate and left the term at 19 years so it was paid off as early as possible, obviously this leaves with quite a high monthly cost.
- My fixed rate mortgage with Cambridge Building Society comes to an end on 8th December. I am required to relocate to Manchester for my Job in February. I wish to let out the house in the short term. Can I get a consent to let the property?
- I have separated from my wife and we have each moved into our parents house and intend to divorce. What do I have to do to get Cambridge Building Society to give consent to let our house out to students?
- Evening? I am just enquiring if Cambridge Building Society offer consent to let as an option if I decided to lease out my home under a homeowner mortgage. Is there a specific rule for right to buy property and consent to let?
- We are looking at new mortgages and also exploring the possibility of renting the property in the future - Is there a fee with Cambridge Building Society to receive consent to let and what are the criteria?
- Me and my fiance and I would like to rent out my apartment to be closer to my son’s uni and look after of my father. Do I need consent to let from my lender Cambridge Building Society?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Cambridge Building Society consent to let information
Tax and Legal
There may be various 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 notify them could result in your insurance becoming invalid. 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 obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Cambridge Building Society