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.
Common questions relating to Cumberland Building Society consent to lease
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We just received consent to let from Cumberland Building Society. After some effort, Cumberland Building Society have issued me with ‘consent to let’ confirmation . There is reference to an assured shorthold tenancy. What is that?
- I have my ground floor flat in Islington on the market but despite a couple of viewings there is a lack of interest so far. As a backup option I am considering letting out the property if it doesn't sell. I dont think I will have a problem getting consent to let from the freeholder. My IFA has told me that in such circumstances I may need to switch to a B2L mortgage yet I probably don't have enough equity needed. What's the worst that could happen if I was to retain the existing Cumberland Building Society home loan and let the property out without telling them I was told that they can put a marker on you for mortgage fraud once find out. Is that right?
- I would like to rent out my existing residence and want to purchase a bigger house for the family. I have a two year fixed mortgage with Cumberland Building Society. Provided I get the consent to let as I understand lenders are more than likely to push me towards getting BTL mortgage when the fixed term comes to an end. Could I refinance after two years with another lender? What connotations does that have apart from the higher rates - will I need a greater equity portion in the property too ie lower ltv?
- I am planning to lease out my flat for 12 months from 5th July next year. Is there a standard format for a letter I can use to send to Cumberland Building Society to seek consent to let.
- My mortgage company wont grant consent to let until I have a move in date confirmed with a tenant. How can I confirm this in the absence of consent to let? I am not certain but I think my friend had a similar issue with Cumberland Building Society.
- My GF is in the process of placing an offer on a new property in Tower Hamlets and is on to a good deal as it needs some work done. We want to rent our current property for 2 years and come back to live. Will I be given consent to let by Cumberland Building Society?
- Is it the case that a previous extension to a mortgage term with Cumberland Building Society be held against us once we sought consent to let from Cumberland Building Society.
- Is there a time limit on a consent to let from Cumberland Building Society? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Cumberland 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
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 terms are not adhered to you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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 Cumberland Building Society your property may be repossessed