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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.
Questions and Answers: Cambridge Building Society consent to let
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We just obtained consent to let from Cambridge Building Society. After some effort, Cambridge Building Society have issued me with ‘consent to let’ confirmation . Mention is made of an assured shorthold tenancy. What is that?
- I currently have a residential mortgage with Cambridge Building Society. My company has offered me a house as part of my job and want to let out my existing house. My mortgage broker seems confident that it is straightforward process. Can you give me some information please?
- I have a ground floor flat in Barnet let out which has a sixty year lease. Mortgage broker suggested I should remortgage (currently with Cambridge Building Society) as a buy to let instead of consent to let and release 65-70k which on top of a new homeloan based on my income would give me a budget of £210k. Limited available in Greenwich for me to buy my own property. To extend the lease will cost 19k. Not sure sure whether to hold on or sell the flat?
- I have a Cambridge Building Society mortgage and have been letting out my flat omitting to get consent to let, which I am now led to believe means I am in contravention of my mortgage Ts and C’s. I think I have come onto their radar that I am not residing there. Is my only option is to dispose of the flat before repossession?
- I will have to move to NYC for a couple of years, I have a house with a Cambridge Building Society mortgage. Do I need to ask consent to let? Will they be forthcoming?
- A work promotions now necessitates that Ibe in different countries every month and in the circumstances I wanted to get to grips with the process for applying for consent to let with Cambridge Building Society
- We have a new mortgage however my girlfriend doesn't feel safe in the property due to other tenants in the block. I know that many lenders have a half year rule before consent to let - does this apply to all lenders. Is there any way Cambridge Building Society would grant consent to let at the outset?
- Me and my husband and I have a mortgage with Cambridge Building Society and would be thinking about buying another main residence and then subsequently leasing our current home out. Do I need consent to let from 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 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
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 restrictions are not strictly observed 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Cambridge Building Society