Need Help?
Need professional advice for your consent to let with Cumberland Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Sample questions relating to Cumberland Building Society consent to let
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I currently let out my flat in Redbridge. I didn't request consent to let. I moved to Surrey for career reasons and couldn't do a commute but was nervous that Cumberland Building Society would charge me through the nose so I decided to take the risk. I'm hoping to legitimise it now... basically continue leasing it but with consent. What course of action do I take now?
- I have just come off the phone to Cumberland Building Society and they tell me that they are now aware that I have been renting the studio flat even though it is on a normal mortgage. I had to move a couple of years ago for work reasons, was unable to sell and so had little choice to let out the property. Do you know what the financial repercussions may be for me not obtaining consent to let?
- We I have a domestic mortgage with Cumberland Building Society but I would like to occasionally take in lodgers....am I obliged to obtain consent to let from Cumberland Building Society?
- I am looking to move house. My question is whether consent to let will be given on my house for me to then obtain a mortgage for the new house so I can effectively bid chain free and then rent my property out when I move. Will Cumberland Building Society give consent to let for 6 months? Assuming the letting goes well can the consent to let time frame be continued?
- It is looking as though I may need to move to Philadelphia for two years, I have a house with a Cumberland Building Society mortgage. Do I need to obtain consent to let? Will they be accommodating?
- What is the process for getting a consent to let application form from Cumberland Building Society and how quickly can I get the consent?
- My Cumberland Building Society mortgage is coming up for renewal. We would like to apply for a new fixed rate mortgage and then apply for a consent-to-let. Is this possible? We don't use the house much now that our kids are growing up, and would be better used as a rental.
- I am looking for some generic information on consent to let. I already have a mortgage in place with Cumberland Building Society. I have had approval to sublet my flat from the freeholder of the block and they asked for a copy of the consent to from Cumberland Building Society.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above Cumberland Building Society consent to let Advice
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
One thing to remember when arranging a consent to let mortgage with Cumberland 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 obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Cumberland Building Society your property may be repossessed