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
- Just contacting you on behalf of my cousin who has a mortgage with Cambridge Building Society. He wanted to find out if there is a fee for consent to let? He has been in his property for two years but has been offered a job overseas away for 2 years and is considering leasing the place out while he is away.
- I have a flat in Tower Hamlets with a Cambridge Building Society mortgage but have not lived there for a while. My sister moved in but is there rent free. At the moment I live in rented premises and am keen to purchase a house. I have found an ideal property at reasonable price. I have sufficient for a deposit to put down on the house I am interested in but would find it difficult to pay enough off the old property to switch it to a buy to let loan simultaneously. Can I switch the current Cambridge Building Society mortgage for my old flat into a consent to let and use my savings to pay a larger deposit for the domestic mortgage on the property that I am looking to purchase?
- I have had a Cambridge Building Society mortgage for less than a year but I discovered yesterday that I am about be made redundant. I would like tips on getting consent to let from Cambridge Building Society
- Last July I moved out my property in a rush and rented out the property. I am aware I needed consent to let via Cambridge Building Society but was not sure what the future would hold and I simply forgot about it. I'm now in the position where I need to sell that property and switch the Cambridge Building Society mortgage to a new flat. I am struggling to find a way through without being at the behest of Cambridge Building Society for failing to obtain consent to let. When porting, at the time of discharging the mortgage, you must say you intend to "park the rate" and endure a new set of affordability checks. Although I do not foresee difficulties with affordability, the credit check will disclose that I no longer living at the property.
- If we ask for a consent to let letter by Cambridge Building Society will we be required to switch to buy to let mortgage? Our mortgage is with Cambridge Building Society and as houses are not currently selling and we have seen one we like we were leasing our home out in order to purchase the new and dispose of this one if the value picks up.
- Will Cambridge Building Society want to know why I am applying for consent to let? Should I disclose my potential relocation overseas?
- How likely is it that I can retain my existing domestic mortgage with Cambridge Building Society if I start renting out? If the consent to let is granted will they load the interest rate?
- I have fixed rate mortgage with Cambridge Building Society. I may have to lease out my flat due to necessity. If I apply for consent to let, will I have to pay significantly more interest?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with 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
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 breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Cambridge Building Society