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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.
Cambridge Building Society consent to let: Q and A’s
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My fiance and I may need to lease our Redbridge home temporarily due to me taking a sabbatical. This will be temporary but perhaps for 4 years. Do I inform Cambridge Building Society or am I best advised to just keep quiet?
- In what circumstances will consent to let for a property be issued via Cambridge Building Society? How long do you have to have had owned the property before consent to let can be granted by Cambridge Building Society? By way of background we are moving abroad for 20 months with my husband's company and will need to rent our property. I am looking at getting a consent to let initially with a view to put a tenant in it to cover the costs of the Cambridge Building Society mortgage.
- Am in possession of a mortgage offer from Cambridge Building Society, but we are running up against a serious block. My husband works in a boarding school, and as such accommodation is a benefit of the job. We wanted to buy a three bed flat with a view to joining the property ladder, and let it out while we're in school accommodation. I had thought Cambridge Building Society would be willing to give consent to let from day one of the loan. It is now looking as though I may not be able to get consent to let. Can you give me any advice?
- I am on a 2 year fixed rate mortgage with Cambridge Building Society which began in January. I will be moving out in in two months and have people ready to rent my property. I need to get a letter from Cambridge Building Society granting consent to let until my term is up to allow me to start a new mortgage. How do I go about this?
- Evening? I am just curious if Cambridge Building Society offer consent to let as an option should I decided to rent out my home under a homeowner mortgage. Is there a specific rule for right to buy property and consent to let?
- My job is now requiring mebe in different locations every month and in the circumstances I wish to understand the procedure for getting consent to let with Cambridge Building Society
- Just wanted to know what needs to be provided to Cambridge Building Society in order to get consent to let? I just finished a three year fixed mortgage and thinking of moving to another property with my partner.
- I have a mortgage with Cambridge Building Society but am wanting to lease my house out and move in with my partner and baby what would I have to do to get consent to let?
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Information to consider in further 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
Where 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 trigger 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 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 inform 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.
If you do not keep up the payments on your mortgage with Cambridge Building Society your property may be repossessed