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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.
Cumberland Building Society consent to let: Q and A’s
- I had a chat with a IFA friend last month. She said that if I decide to move abroad with my job for a period then I should not apply for consent to let from my mortgage provider (Cumberland Building Society) until at least four weeks before I plan to let my property. Am I to understand that I have to find a tenant first and then obtain a consent to let?
- I have a mortgage with Cumberland Building Society on a flat and I intend to find a tenant for it out and rent an alternative house due to changes in personal circumstances - I want to move to a different area, and to live in a larger property with my partner. I applied for consent to let and recently got reply with a refusal as they determined that I want to invest. I dont know what to do now. I am now at risk since I am already committed to the new home and am faced with paying both Cumberland Building Society and rent payments, which could put me at financial risk. The matter is urgent because a prospective tenant waiting in the wings
- I am interested to know how easy is it to seek consent to let with Cumberland Building Society. I am considering fixed deals and hope to live at the property but would like to know my options if work has opportunities elsewhere for example within two to three yrs Could you let me know generally how receptive Cumberland Building Society are regarding consent to let?
- At the moment I am looking to acquire my first home however, I am self employed. I want to chose a mortgage company that allows short term letting with a residential mortgage so that I could lease out the property for 6-9 months with long periods of absence without being required to switch to a buy to let product. Are you able to advise me on how lenders would perceive this and specifically the stance taken by Cumberland Building Society.
- I’m about to finish the fixed rate period of my three year fix with Cumberland Building Society and switch on to the current variable rate. I would like to know if consent to let from Cumberland Building Society is a foregone conclusion, if there are fees, and if there conditions?
- The prevailing mortgage is with Cumberland Building Society, but I will soon to need move out for around 12 months as we need to be closer to my wife’s mum and dad. Will Cumberland Building Society issue consent to let?
- My fiance and I are endeavouring to find out which lenders are best for allowing consent-to-let without raising rates, and hopefully allowing more than 2 years if required. Is that something you can help with? We are particularly interested in Cumberland Building Society
- I currently have my mortgage with Cumberland Building Society and have been for the past eighteen months and I am interested in finding out some more information about the possibility of obtaining 'consent to let’.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Cumberland 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 lease may prohibit 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
Failure 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.
If you do not keep up the payments on your mortgage with Cumberland Building Society your property may be repossessed