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.
Examples of recent questions relating to Cambridge Building Society consent to let
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I have a homeowner mortgage over my home in loc with the intention of relocating abroad to country for three years. During this time frame it makes financial sense to rent out my house. My lender is withholding consent to let. I wish to avoid taking out a buy to let loan as it’s only a short term option that I am abroad for.
- me and my wife recently sorted our rates for another fixed period with Cambridge Building Society. Subsequently, I attended an interview and basically I accepted the job offer in Haringey. I'm going to rent a one bed flat for the family in Bromley as we don't want to sell the house and moreover we might come back before two years.... We really have no idea how things will work out. We called Cambridge Building Society but we would like also your take on the situation. How is it to get consent to let in that case as we just got a fixed 5 years rate we really don't want to change.
- I am a landlord and currently completing eviction orders on a tenant who is in arear of rent. The relevant claims have been issued. The tenant's defense for refusal to pay is built on the assertion that I do not have consent to let my one bedroom apartment from my lender Cambridge Building Society
- My plan is to let my studio flat out from mid June this year as I will be travelling for a few months. I have a residential mortgage with Cambridge Building Society. I will not be letting for more than six months. Most likely it will be five months. It has been suggested that I seek permission from my freeholder first? Please can you suggest what I should be doing in what order?
- I was just curious as to whether Cambridge Building Society would give consent to let and what kind of fees, penalties and rate increase etc
- Should I decide to apply for consent to let from Cambridge Building Society how much time does it take to get consent to let after you apply to Cambridge Building Society. ?
- Are you aware of any discretion in the accepted equity ration before transferring from an existing Cambridge Building Society mortgage to a consent to let?
- I am interested in more information in relation to consent to let home loans, potentially moving our existing mortgage with Cambridge Building Society across to a consent to let one.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Cambridge Building Society consent to let Advice
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 inform them could result in 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 provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of the lease. This could trigger 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Cambridge Building Society