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.
Cambridge Building Society Consent to Lease Example Support Desk Enquires
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Within the next few days I intend to ask Cambridge Building Society for consent to let out my house in Cambridge Building Society. However the property has been on with agents for 5 weeks but there without a sniff of interest and paying a full mortgage, council tax and insurance on unoccupied house is a financial drain. What approach would Cambridge Building Societytake if I market the property?
- A friend of mine has let her house from the same landlord for nearly 2 years. For the last year my friend has been receiving letters from Cambridge Building Society (it is apparent from the envelope). For the first few she reposted them to her landlord’s address. I was a bit suspicious as none of the landlady's post was supposed to be going there. I decided to go to my friends house and phoned Cambridge Building Society on her behalf. The guy I spoke to at Cambridge Building Society asked all sorts of questions, the landlady's details, the tenant's details and then said they would look into whether she had the correct mortgage and if she didn't it was an offence in the absence of consent to let. Should my friend be worried?
- How likely are Cambridge Building Society in granting Consent To Let on a two bedroom first floor purpose built flat? It is currently on the market and it has been for two months. I need to sell but I'm mindful that if there is no interest I will need to let out the property in order to cover the monthly payments to Cambridge Building Society (I do not now live there). I would prefer to come clean with Cambridge Building Society than not tell them but I am concerned as to how helpful they would be.
- I found tenants for my apartment last June and didn't tell Cambridge Building Society. I have a three year homeowner mortgage (significant equity in it, never defaulted) and want to let Cambridge Building Society know and get consent to let for the remaining two years of my mortgage . I am unsure what to do.
- Our Cambridge Building Society mortgage is coming up for renewal. We would like to apply for a new fixed rate mortgage and then seek consent-to-let. Is this possible? We don't use the house much now that our kids have grown up, and would be better used as a rental.
- My husband and I are thinking about applying to Cambridge Building Society to obtain consent to let our property, how long does it take from the point of submitting the application to us finding a letting agent and listing our house for rent? and are there any further steps in the process?
- Is consent to let a cost efficient way of renting out your property? Isn't this a loophole for some borrowers to exploit?
- I want to get consent to let from Cambridge Building Society for two years until I can transfer to a B2L. Is this feasible
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental 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 standard 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform 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