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
- Are you able to advise me what fees Cambridge Building Society levy for consent to let out part of my two bedroom apartment? Any insights would be appreciated.
- We recently sorted our rates for another fixed five years with Cambridge Building Society. However, I attended an interview and basically I accepted the job offer in Hackney. I'm going to rent a small flat for me and my family in Hackney as we don't want to sell the house whist there is a chance that we come back within a couple of years.... We really don't know how things will go. We called Cambridge Building Society but we would like also your point of view please. How is it to obtain consent to let in that case as we just got a fixed 5 years rate we really don't want to swap this.
- I am a landlord having served eviction orders on a tenant who had not paid his rent in 3 months. A Section 21 and section 8 have been served. The tenant's defense for non payment is premised on the assertion that I do not have consent to let my garden flat from my mortgage company Cambridge Building Society
- I have found myself in the accidental landlord situation and without consent to let from Cambridge Building Society. I had to leave my home for family reasons, so am now based in another part of the country. I originally tried to sell the flat, but prices were deflated, which meant I was in negative equity. This was four years ago in 2011, the value has gone up and has given me time to accumulate savings. I am in now in a position where I could transfer to a BTL mortgage and would like to remortgage at the same time. My concern is, will changing mortgage providers possibly alert Cambridge Building Society that I have been letting without consent to let? I appreciate that I shouldn’t have done this, but circumstances wouldn’t allow me to do anything else. Can I change to a BTL without Cambridge Building Society knowing what I’ve done?
- What's the rules of consent to let for Cambridge Building Society?
- I was wondering if you could help. I do not have consent to let from Cambridge Building Society and was wondering if this option would be possible for me to move to as I must move back home to take care of my father
- Is there a time limit on a consent to let from Cambridge Building Society? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
- I was just wondering if there are any costs in getting consent to let on a leasehold property when I have a mortgage with Cambridge Building Society
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read 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
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 may 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
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 terms are not adhered to you may be in violation of 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 taking legal action against you. Be sure to obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Cambridge Building Society