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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.
Top Five Questions relating to Cynergy Bank consent to lease
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Doing everything by the book I’ve been leasing out my house with "consent to let" from Cynergy Bank on a regular mortgage for the past two years. Cynergy Bank have just written withdrawing their consent to let if we do not swap to one of their "buy to let" mortgages.
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I was thinking of renting out my cottage and generate some income while I am on holiday. It will only likely be for four weeks. Do I need consent to let from Cynergy Bank?
- My twin and his partner currently lodge with me at my flat. After Christmas I would like to move out of the flat and in with my partner. Is it possible to get consent to let from Cynergy Bank after only having the mortgage for nine months?
- I took out a homeowner mortgage with Cynergy Bank last December and then had to relocate for work, I am now considering letting my property out for six months whilst I am away. What are my chances of obtaining consent to let from Cynergy Bank, and what effect would this have?
- I'd like to know if on the balance of probabilities Cynergy Bank will give consent to us letting out our home in Ealing
- Can you help with a question...if consent to let is given by Cynergy Bank would it usually be restricted to a time limit, such as 6 or 12 months?
- We have a mortgage with Cynergy Bank on our garden flat in Harrow. We are hoping to buy a new house and move in there. How do I move our current mortgage on to consent to let?
- My partner and I would like to obtain consent to let on a house where we have a mortgage with Cynergy Bank. If issued, how long would consent be given for? In asking for consent to let from Cynergy Bank are we running the risk of them forcing us to change deal to BTL
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further 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
One thing to remember when arranging a consent to let mortgage with Cynergy Bank 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 regular 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
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 violation of 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 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 Cynergy Bank