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.
Frequently asked questions relating to Cumberland Building Society consent to lease
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If push comes to shove what action Cumberland Building Society can take if I have Sublet my flat without consent to let?
- I have been granted consent to let by Cumberland Building Society for a while now and they now want to speak with me and I expect their motivation may be to get rid of me. Do you have any suggestions as what I can do next?
- I vacated my apartment about six months ago but didn't get around to get a consent to let letter, primarily because the mortgage fix rate period is ending in a couple of months and I am thinking about a remortgage anyway. I want to ask for consent now, is that going to open up a Pandora’s box?
- My OH and I plan to lease our existing flat out early next year when we find a new house. This is to be done with consent to let from Cumberland Building Society. As of now the apartment is in my name but I am a top rate tax payer. Do I need to do a Transfer of Equity to her or can I do a Declaration of Trust?
- I previously took a mortgage with Cumberland Building Society, but I have to get consent to let for around a year as my partner is unwell and is struggling to balance work with the hectic environment we are living in. We want to take a break for twelve months (by living near her parents and getting support) in a greener less hectic part of Manchester.
- I am trying to find out if Cumberland Building Society will grant consent to let in a situation where we need to move closer to relatives in a different house albeit that we may move back the future if circumstances change.
- We need to contact Cumberland Building Society to enquire about leasing out my property. Do they send a document to me. Can I not get this from the site?
- We are mulling over a remortgage offer with Cumberland Building Society and it's a strong possibility that I will need take advantage of any consent to let option if available at some point in the fixed period. Are there any charges I should that may be applicable?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental 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
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 to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Cumberland Building Society