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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.
Questions and Answers: Cumberland Building Society consent to let
- I have a Cumberland Building Society home loan and am keen to acquire consent to let as I wish to move to another home that I own. It seems may be able to assist. Is there a charge for this service?
- I want to see if I can get consent to let on my existing property. I have a mortgage with Cumberland Building Society but my circumstances have changed. I'm looking to move in with my partner and son who have a house and is larger than my studio flat. I don't think I can qualify for a buy to let mortgage as I don't have money for a deposit nor do I earn more than £25000 per annum.
- I have a property that's currently under shared ownership (My share is 50per cent) and I bought it in September 2013. I am currently going through the full purchase of the house. My partner and I also have in mind a further house that we are hoping to purchase. Mortgage in principle has been issued by Cumberland Building Society. I would like to know that I will be able to put the current house through consent to let as soon as the remainder share has been purchased so, that we can start the process of purchasing the new property
- Last May I moved out my house in a rush and let out the property. I am aware I should have negotiated a consent to let via Cumberland Building Society but was uncertain as to what the future would hold and just forgot about it. I find myself in circumstances where I need to sell that property and switch the Cumberland Building Society loan to a new house. I am struggling to find a way through without finding myself at the mercy of Cumberland Building Society for failing to obtain consent to let. When switching, at the time of selling, you must declare your intention to "park the rate" and go through a new set of affordability checks. While I have no concerns with affordability, the credit check will show I don't live there any more.
- We have already let but only just realised Cumberland Building Society ought to have been advised and consent to let applied for - what's the best course of action now?
- Will Cumberland Building Society choose to exercise a right to switch the rates on a standard mortgage where Consent to Let at any time, onto ‘rates equivalent to their B2L range'? Can one refinance on a consent to let with Cumberland Building Society?
- My partner and I are considering applying to Cumberland Building Society to obtain consent to let our property, how long does it take between sending the forms to us finding a letting agent and listing our house for rent? and are there any additional steps in the process?
- Will I need consent to let from Cumberland Building Society if I am intending to reside in the property myself for part of the year? Also if I obtain consent to let for a limited time, say up to twelve months, what happens thereafter.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Cumberland Building Society consent to let Info
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 your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
If you do not keep up the payments on your mortgage with Cumberland Building Society your property may be repossessed