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.
Common questions relating to Cambridge Building Society consent to lease
- I have just been on a call with Cambridge Building Society who have advised me that they have figured out that I am renting the studio flat despite having a domestic mortgage. I had to move two years ago for childcare reasons, was unable to sell and so had little choice to let out my property. Do you know what the connotations might be for me not seeking consent to let?
- My wife and I may need to lease our home out for a while due to a career opportunity. This will be for a limited period we would possibly like a consent to let our property. We currently have a Cambridge Building Society mortgage. What are the fees involved and time limits on consent to let agreements?
- My fixed rate expires mid 2016 and I'm planning on fixing for a further 4 years with Cambridge Building Society, with any luck rates will still be low. In in next couple of years I might want to move for a couple of years to a different county. How problematic is it to get consent to let from Cambridge Building Society in these circumstances? I would be coming back after two years to reside in my property.
- I’ve a fixed mortgage with Cambridge Building Society (with a little under two years left) but due to redundancy want to move away from London (actually to a new job in Holland) and so wish to lease the property out. We don't want to have the expense of a repayment penalty and understand that some lenders are willing to grant this 'consent'...what is the approach adopted by Cambridge Building Society?
- I am deliberating on renting my house will Cambridge Building Society bill me for a consent to let letter?
- We are interested in understanding the Cambridge Building Society consent to let procedure and prerequisites for granting.
- I have a house in Westminster. I would like remortgage with Cambridge Building Society and seek consent to let. I'm still within the Early Redemption Charge period so not sure if I will be liable to pay that?
- Assuming that I was successful in obtaining consent to let from Cambridge Building Society, could I sell during the consent period? Is it possible that I would incur any penalties?
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General Advice to read in supplemental the above Cambridge Building Society consent to let Questions and Answers
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
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
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 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 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