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.
Top Five Questions relating to Cambridge Building Society consent to lease
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I am in a catch 22 with a Consent to Let home loan. Having sought consent to let the lender has requested evidence of a signed AST before they will grant consent. If I get a signed tenancy agreement would I not be breaching the terms of my existing mortgage?
- My plan is to move house. The query I have is whether consent to let will be given on my property for me to subsequently get a mortgage for the new house so I can effectively bid without being part of a chain and subsequently let my property out when I move. Will Cambridge Building Society give consent to let for 12 months? Assuming the letting goes well is it possible for the consent to let time frame be continued?
- I have let out my garden flat in Waltham Forest for the last 14 months, and I didn't realise that I required consent to let. I now want to rectify this. Would this be an issue?
- My understanding is that this is a contravention of Cambridge Building Society terms and conditions of mortgage if I let out my property having indicated that I intend to live there. The aim is to repay the mortgage after four years, by which time I will become the outright owner, meaning I no longer require any consent to let. Cambridge Building Society advised me I can overpay as little as I like during the lifetime of the mortgage. I have someone who is interested in renting the property. What checks do Cambridge Building Society do and what are the chances that they are likely to do this? Can you set out repercussions of not getting consent to let? From what I have read there is a possibility of Cambridge Building Society levying a penalty
- We have a mortgage with Cambridge Building Society at the moment and just wondering whether Cambridge Building Society currently allows consent to let
- I am trying to find out if it is possible to get a consent to let home loan with Cambridge Building Society rather than a buy to let mortgage
- I am looking at some alternative lifestyle. I have a Cambridge Building Society mortgage, if I become a Australian resident but wish to rent my UK house, do I need to get consent to let from Cambridge Building Society to do this ?
- I have a mortgage with Cambridge Building Society. I am thinking of moving out and renting out my apartment. Do I need a consent to let ?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental 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
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
Should the tenure of your property be 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 your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Cambridge Building Society