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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.
Frequently asked questions relating to Cambridge Building Society consent to lease
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Always on the look out for a money making scheme I am contemplating leasing out my cottage and make money from it during my vacation. It’s only for ten days. Do I need consent to let from Cambridge Building Society?
- If I decided to let out my garden flat with consent to let from Cambridge Building Society, what evidence would be required of tenancy? If after twelve months I decided to let it on a number of holiday term rental, do I still need to supply evidence to Cambridge Building Society, or will they leave me alone as long as they receive payment each month? E.G. if I let the rooms separately at a later stage, is there any reason for Cambridge Building Society to be informed and would they care?
- My OH and I plan to lease our existing apartment out early next year when we find a new house. I will apply for consent to let from Cambridge Building Society. As of now the flat is in my name but I am a top rate tax payer. Do I need to do a equity transfer to her or should I enter into a Declaration of Trust?
- I purchased my ground floor flat in Lambeth eight months ago and have a two year fixed rate mortgage with Cambridge Building Society. Looking to move in with my partner imminently and wish to let out my property. Would like to be better informed as to the process.
- I am interested in finding out more about the Cambridge Building Society consent to let process and prerequisites for granting.
- I have Cambridge Building Society mortgage and am thinking of leasing out the property. I understand I would require consent to let to do this...is that correct ?
- Me and my OH and I have a mortgage with Cambridge Building Society on our garden flat in Bexley. We are hoping to buy a new house and move in there. How do I switch my existing mortgage on to consent to let?
- I have a mortgage with Cambridge Building Society. I am thinking of moving out and letting out my apartment. Am I required to obtain consent to let ?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Cambridge Building Society consent to let Info
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
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 standard 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
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 potentially result in 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 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