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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
- We have a standard variable rate mortgage with Cambridge Building Society. This has been in place since 2009. We are intending on renting out our property and renting in a village near our children's school until we find the right home to purchase. Do Cambridge Building Society ordinarily give consent to let and if so, are there any financial implications?
- I have had a mortgage for five years with Cambridge Building Society. My partner has recently acquired a house in Lambeth and he has asked me to move in with him. Can I lease out my property with consent to let in case I need to move back? Also what legal documents must I provide Cambridge Building Society with when filling in the consent to let form?
- I have a mortgage with Cambridge Building Society on a property and I wish to find a tenant for it out and rent an alternative house as a result of changes in personal circumstances - I want to move to a different area, and to live in a larger property with my fiance. I applied for consent to let and yesterday got reply with a refusal because they determined that I want to invest. I dont know what my options are. I am now at risk since I already have rented a new home and would have to pay both the Cambridge Building Society mortgage and rent payments, which could put me at financial risk. The matter is urgent because a potential tenant at the ready
- The likelihood is that I will have the opportunity to work overseas in a couple of years. I am therefore possibly downsizing to a newbuild flat in Brent which I could rent out with less difficulty as and when required. I would aim to keep 50% equity in the new property which would be my home for a while. My current mortgage provider limits consent to let for a year. I anticipate renting it out longer term and not informing them could land me in a whole heap of trouble. B2L seems inappropriate when I will be living there, perhaps for 2-3 years initially. What type of mortgage should I be seeking, and from which lender? Do lenders such as Cambridge Building Society provide consent to let for more than a year?
- My husband and I purchased a place in Manchester with Cambridge Building Society and am moving to rent a property in Somerset due to work. Is consent to let from Cambridge Building Societyavailable? I am only looking to rent out the flat for six to nine months before selling.
- I have a normal mortgage with Cambridge Building Society which is only eight weeks long but I have been moved abroad with work. How easy is it to get consent to let from Cambridge Building Society for a mortgage that has only just commenced and I have just bought the property?
- Me and my husband am looking into the option of leasing out my house with consent to let from Cambridge Building Society whist away travelling for a couple of months
- We are interested in more information regarding consent to let from Cambridge Building Society. Would an acceptable reason be issues with neighbours and the house is too to small for me?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed 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 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