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.
Cambridge Building Society consent to let: Q and A’s
-
I am employed by letting specialists in loc and a potential tenant for the house has demanded a copy of the ‘consent to let’ from the owners lender Cambridge Building Society. Is there a new law that has triggered this question?I have not come accross this before, is this a new legal requirement?
- I own a garden flat but I am rarely there, exploring the option of renting it out. The mortgage is with Cambridge Building Society, would I have to convert my mortgage rate or should I apply for consent to let?
- Is it permissible to let out our house in the absence of consent to let from our lender? I am aware that initially we signed a form stating it wouldn't be a buy to let property and that we are not the owners of other property. I know you can't use help to buy if you owned other premises at the time, but what about property after the event? Can you acquire a further property, or inherit a property?
- I have been in the armed forces for three years and intending to acquire a home using a Cambridge Building Society mortgage. I would like to be given consent to let this property to my parents. In years to come I plan to reside in the property with my family when I leave the armed forces. Is this achievable?
- Cambridge Building Society. Will they grant consent to let a house for 18 months? I will move back in again as a resident.
- I would like to know how to go about getting consent to let from Cambridge Building Society and what fees are to be incurred. I've moved in with my husband and have a family member wanting to let out the property.
- I would like to rent out my house for a couple of years max. How do I go about getting consent to let from Cambridge Building Society who I have a mortgage with?
- I have only recently completed my homeloan with Cambridge Building Society since when my boyfriend has proposed and we are deliberating whether to reside in his house or my property. Would I be issued consent to let if I were to move in with him
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting 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 obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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