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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.
Questions and Answers: Cambridge Building Society consent to let
- I'm just looking here for a my brother as he’s at work who has a mortgage with Cambridge Building Society. He asked me to find out if there is a fee for consent to let? He has been offered a job 95 miles away and wants to rent out his home in the interim.
- I am a first time buyer in the process of trying to buy a flat. However I am potentially also going to be moving abroad in the near future. I have told this to my mortgage broker who has informed me as long as nothing has been signed or confirmed you can go ahead and apply for a residential mortgage with Cambridge Building Society. Once that's complete if it transpires that I need to move abroad he said can apply for a consent to let from Cambridge Building Society. Does that sound like the right advice?
- Am I obliged to notify Cambridge Building Society of my plan to rent a shed out on the grounds of my property. Can you shed any light on this? I am seeking independent advice on the insurance, legal and tax side of things .
- I purchased a maisonette in Lambeth in 2008 and remortgaged with Cambridge Building Society on a rate which expires in the later this year. If I go abroad and want to lease out my property what would I need to do to get consent to let and what are the consequences?
- I have to send the consent to let application by courier and need to know if Cambridge Building Society have a regular mailing address I can use as couriers usually will not accept deliveries to PO Box numbers.
- I am considering relocating with work and would need to rent my property out. I have a mortgage with Cambridge Building Society. My property is worth approx £250k and owe £57k on it. Do you think Cambridge Building Society increase my interest rate?
- My partner and I took out a mortgage with Cambridge Building Society a few months ago and although it's a long way off we may have to relocate around next Spring and would like to be able to lease our flat out. Is this possible with a homeowner mortgage?
- I am looking to get consent to let with my Cambridge Building Society residential mortgage. It is a detached house. Will Cambridge Building Society grant consent on this basis? Or would it be regarded as an HMO?
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Information to consider in supporting 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
If 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 may trigger your insurance becoming invalid. 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 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 the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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