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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.
Top Five Questions relating to Cambridge Building Society consent to lease
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Soon to be packing up as my better half and I are moving to Australiain Month, initially for a little as 9 months but it could be longer term. We have just applied to Cambridge Building Society for consent to let out our home in Cambridge Building Society. The mortgage has been in place with Cambridge Building Society for Six years and I am up to date with payments. Cambridge Building Society advise, that even if they grant consent to let, that this will be a temporary arrangement for a period of twelve months. Do I then need to reapply?
- I am with Cambridge Building Society and just had to apply for consent to let, but wondered if they set any conditions on the level of rental to be received?
- I need to explore if I can receive consent to let on my current home. I have a mortgage with Cambridge Building Society but my situation has changed. I'm about to move in with my partner and daughter who have a house and is larger than my 1 bed apartment. I am unlikely to qualify for a buy to let loan as I don't have money for a deposit nor do I earn more than £25000 per annum.
- My understanding is that this is a breach of Cambridge Building Society terms and conditions of mortgage if I let out my flat having informed that I intend to reside there. The intention is to redeem the mortgage after five years, by which time the property will be mortgage free, 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 is the likelihood of Cambridge Building Society finding out? What are the implications of not seeking consent to let? From what I have read there is a possibility of Cambridge Building Society bumping up the interest rate
- My mortgage company refuse to grant consent to let without a move in date confirmed with a tenant. How can I confirm this without consent to let? I am not sure but I think my friend had a similar issue with Cambridge Building Society.
- If I let my property with consent to let from Cambridge Building Society will there be any rate difference? I am presently on a fixed rate for two years.
- I have a mortgage with Cambridge Building Society at the moment and just enquiring whether Cambridge Building Society currently allows consent to let
- I am currently refinancing and exploring the flexibility of certain mortgage providers when it comes to consent to let. Cambridge Building Society is one of the lenders I am considering. How accommodating are they are far as consent to let is concerned?
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Caveats to be read 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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 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 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
Neglecting to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Cambridge Building Society your property may be repossessed