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.
Recently asked questions relating to Cambridge Building Society consent to lease
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My husband and I may need to lease our Southwark home for a while due to a career opportunity. This will be short-term but perhaps for 2 years. Must I notify Cambridge Building Society or should I not rock the boat?
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A friend of mine suggested that this winter I rent out my cottage and make money from it during my vacation. I only plan to be away for four weeks. Will consent to let be needed from Cambridge Building Society?
- I have my one bedroom apartment in Merton on the market but despite a few viewers there is a lack of interest so far. As a fall back position I am considering letting out the property if cant find a buyer. I dont anticipate a problem getting consent to let from the freeholder. My financial adviser says that in such circumstances I may be obliged to switch to a buy to let mortgage yet I probably don't have enough equity needed. What's my exposure if I was to just keep the existing Cambridge Building Society mortgage and rent out the flat on the QT I was told that they can put a marker on you for mortgage fraud if they find out. Is that right?
- My partner and I are interested in understanding the conditions borrowers have to meet before consent to let from Cambridge Building Society is granted. Are there any restrictions on who can be granted consent?
- I would like to send the consent to let application by courier and wanted to know if Cambridge Building Society have a regular mailing address I can use as couriers ordinarily don’t accept deliveries to PO Box addresses.
- How much of my loan allowance will be made available to borrow if I change my mortgage to a consent to let with Cambridge Building Society?
- We are intending to switch lender to Cambridge Building Society for a fixed rate but the likelihood is that I would need to rent the house out for approximately one year. Do Cambridge Building Society consent to let on fixed rate mortgages and if so, what are the costs.
- I am looking for some generic information on consent to let. I already have a mortgage in place with Cambridge Building Society. I have had licence to temporarily rent out my apartment from the managing agents and they asked if I have consent to from Cambridge Building Society.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to 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
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
If your property is 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with Cambridge Building Society your property may be repossessed