Need Help?
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.
Sample questions relating to Cambridge Building Society consent to let
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I am about to join the property ladder looking to purchase a small house in Cambridge Building Society. I have a significant deposit with a mortgage from Cambridge Building Society. My dilemma is that my girlfriend inherited a apartment in London and I anticipate moving in next month, at which point I would want to let out my house. I understand that consent to let is required but it does not sound like a guaranteed option. Is there any advice you can impart?
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My lender has placed me in a difficult predicament with a Consent to Let mortgage. In response to requesting consent to let the bank has requested evidence of a signed Assured Shorthold Tenancy prior to issuing permission. Is is not the case that if I adhered to their request that I would be violating the lender’s terms and conditions?
- I was going to call Cambridge Building Society to ask if they have a Consent to Let application they can send me to complete.. However,I thought I would explore online. I was wondering if there is anywhere I could download this form on the web?
- My husband and I have decided to lease our maisonette out. We have put an offer on another property for us to buy and have a tenant to move into ours. I believe I have to ask our mortgage company Cambridge Building Society for consent to let. Is there a standard consent to let request letter I can use?
- Can you help me understand the requirements that Cambridge Building Society set for consent to let? Are you able to help?
- I am trying to find out if Cambridge Building Society will grant consent to let in a situation where we need to move closer to relatives in a different house albeit that we may move back the future if circumstances change.
- Does my loan to value need to be at a certain ratio to allow me to apply for a consent to let from my mortgage provider Cambridge Building Society. Will any consideration be given to the fact that I only recently out the mortgage two months ago?
- I have a homeowner mortgage with Cambridge Building Society. I acquired the property in November this year. Is it possible to get consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read 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
One thing to remember when arranging a consent to let mortgage with Cambridge Building Society is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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 obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could trigger 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 Cambridge Building Society your property may be repossessed