Need Help?
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 Lease Example Support Desk Enquires
- My colleague intends to rent out his flat out without consent to let via his mortgage lender Chesham Building Society. He has been on an interest only loan for about six years now. Currently owes £110k, having bought the apartment for about £110k. If he lets the flat out privately, exactly what sanctions does he risk?
- A friend of mine recently asked for CTL from the Woolwich which they turned down citing that the mortgage had not been in place for six months. I am about to seek consent to let from Chesham Building Society. Do they have the same rule?
- I purchased a studio flat in Tower Hamlets in 2009 and remortgaged with Chesham Building Society on a rate which expires in the later this year. If I go overseas for work and want to lease out my property what would I need to do to get consent to let and what are the financial repercussions if any?
- I have a domestic mortgage on a one bedroom apartment in Camden but have rented it out without letting Chesham Building Society know this. I now need a consent to let letter. How can I get one?
- I have recently got married and I am in the process of buying out 100% of my co-ownership mortgage with my wife. As a result we have now been given a 90% loan to value on our house. We want to buy a larger place. Will it be possible to get a consent to let on my new mortgage with Chesham Building Society to allow us to get a mortgage also with Chesham Building Society for a new home?
- I took a mortgage with Chesham Building Society but am told they have a stipulation that they refuse to give consent to let the property to a housing association. Is this true and if so, is there a method to bypass this?
- Do you know whether Chesham Building Society will accept rental income on consent to let for affordability purposes or does it need to be BTL ? Would Chesham Building Society let me raise capital based on the rental revenue ?
- I have a FTB mortgage with Chesham Building Society which is only seven weeks in but I have been relocated with work. Is it possible to obtain consent to let from Chesham Building Society for a mortgage that has only just started and I have just bought the property?
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Caveats to be read in conjunction with the above Chesham 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent 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 the lease. This could trigger 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Chesham Building Society