Need Help?
Need professional advice for your consent to let with Cambridge 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 Cambridge Building Society consent to lease
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Just wondered if any of your clients had recent experience asking for Consent to Leasefor12 months from Cambridge Building Society or if you have any tops as to how such permission is obtained.
- I have had an existing mortgage with Cambridge Building Society coming up to 18 months and the fixed rate is soon to be renegotiated. We are considering extracting equity from our existing address to enable us to buy a bigger house and then rent out the current maisonette. We have had initial advice that we ought to look for a new residential mortgage with a consent to let - can you explain what this is?
- I am looking to emigrate to California . As opposed to finding a buyer, I would like to let my existing property out, just in case things turn sour and I decide to return in a couple of years. My current mortgage is with Cambridge Building Society. Would I be able to refinance with another mortgage company on a much lower interest rate then apply for Consent to Let once the refinancing is in place?
- Is it the case that the letting agents we rented through owe us a a legal obligation to have ensured that the landlord got consent to let from Cambridge Building Society?
- Do you know if I can keep my existing homeowner mortgage with Cambridge Building Society if I start renting out? If the consent to let is granted will they tie me into an increased rate?
- Me and my husband want to let our house out and use the rental income to cover the rent on a house in Hackney. What are the chances of being given consent to let by Cambridge Building Society without being forced onto a BTL product.
- Just wanted to know how to seek a consent to let from Cambridge Building Society who I have a mortgage with. There is a remaining balance of 87k. The value of house is 110k. Property is in my name but my wife and I would like to purchase a garden flat in Bexley we have seen together. How do we go about this?
- I am looking to get consent to let with my Cambridge Building Society residential mortgage. It is a detached house. Will Cambridge Building Society grant consent on this basis? Or would it be regarded as an HMO?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Cambridge Building Society consent to let Questions and Answers
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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them could result in your insurance becoming null and void. 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 conditions are not complied with you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
If you do not keep up the payments on your mortgage with Cambridge Building Society your property may be repossessed