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Need professional advice for your consent to let with Chesham Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Chesham Building Society consent to let: Q and A’s
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Do I need consent to let from Chesham Building Society or can I rent out my property without telling Chesham Building Society and having to convert to a B2L loan?
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I have a regular mortgage over my residence in loc and am due to relocate to country for a couple of years. During this time it would be ideal if I could lease out my flat. My lender says I cannot have consent to let. I don’t really want a buy to let loan as it’s only for a short period that I am abroad for.
- Hi, I have a mortgage on an apartment with Chesham Building Society and I am thinking of letting the property out. Can I do this without transferring to a BTL or getting consent to let from Chesham Building Society?
- Following retirement last year I purchased a “retirement home” for my wife and myself to move to. We would like to let our current property to our kids and I have consequently contacted Chesham Building Society for consent to let. I was just seeking a general view on whether Chesham Building Society currently allows it?
- My existing mortgage is with Chesham Building Society, but I have to get consent to let for approximately a year as my partner is unwell and is struggling to balance work with the hectic environment we are living in. We want to take a break for twelve months (by living near her mum and dad and getting support) in a greener less hectic part of Liverpool.
- I am looking for some generic information on consent to let. I already have a mortgage in place with Chesham Building Society. I have been given licence to temporarily rent out my apartment from the managing agents and they asked for a copy of the consent to from Chesham Building Society.
- Just wanted to know what needs to be provided to Chesham Building Society in order to get consent to let? I just finished a three year fixed mortgage and possibly moving to another property with my husband.
- Will I need consent to let from Chesham Building Society if I am planning to reside in the property myself for half of the year? Also if I obtain consent to let for a period of time, say up to twelve months, what happens thereafter.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above Chesham Building Society consent to let information
Tax and Legal
There are numerous potential 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 notify 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 restrictions are not strictly observed you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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 Chesham Building Society