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Need professional advice for your consent to let with Cynergy Bank? 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: Cynergy Bank consent to let
- Hello, I have a mortgage on an apartment with Cynergy Bank and I am thinking about letting the property out. Can I do this without changing my mortgage or obtaining consent to let from Cynergy Bank?
- I have just received a mortgage offer with Cynergy Bank. I anticipate that I will get keys in the coming weeks, however it looks as though I may be posted abroad for work. Would it be possible for me to receive consent to let from Cynergy Bank shortly after drawing down on the mortgage. Are there any other options open to me?
- I have been offered a once in a lifetime job opportunity for 9 months abroad. I have enough cash reserves to meet the monthly Cynergy Bank mortgage however the block insurance stipulates that the property must be occupied in order not to be invalidated. Last winter the roof suffered storm damage but was repaired. If there happened to be any problems through the winter months I would find it hard to afford repair costs. Would I be eligible for consent to let via Cynergy Bank for a limited period?
- We are planning to rent out my property for a year from 15th November 2016. Is there conventional wording for a letter I can use to write to Cynergy Bank to request consent to let.
- I am looking to Cynergy Bank to issue me with consent to let out my flat in Greenwich. I am travelling for a year
- I am trying to find out if it is possible to get a consent to let mortgage with Cynergy Bank rather than a buy to let mortgage
- My husband and I took out a mortgage with Cynergy Bank a few months ago and although it's still early days we may have to relocate around next Summer and would like to be able to let our flat out. Would this be possible with a homeowner mortgage?
- I got a homeowner homeloan with Cynergy Bank. I purchased the property in September this year. What are the options and criteria for consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Cynergy Bank 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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent 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 trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Cynergy Bank