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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.
Top Five Questions relating to Cambridge Building Society consent to lease
- What are the chances of Cambridge Building Society in issuing me with Consent To Let on a maisonette? Agents have had it on the market for three months. I need to sell but I'm concerned that if there is no interest I will have to get a tenant in to cover the mortgage to Cambridge Building Society (I no longer live at the address). My preference is to come clean with Cambridge Building Society than keep them in the dark but I'm not sure how understanding they will be.
- I have a Cambridge Building Society mortgage on an apartment I own, in Haringey. Last month, due to a change in personal circumstances I decided to let out the flat, and rent an alternative property in a different area within same loc. The state of affairs that changed is that I started living with my partner, and the flat is not large enough for our needs. I would rather not sell the flat because the current market value is 15% less than the market value when I purchased the property eight years ago. I contacted Cambridge Building Society for a consent to let which was refused as they determined that I wanted to invest in the flat. Any insight would be greatly appreciated, as i am at the end of my tether. The matter is urgentas there is a prospective tenant waiting for this consent to let and may look elsewhere.Please call me to discuss
- Due to my career, I am in a position where I anticipate that Cambridge Building Society will issue me with Consent to Let from day one of owning a property. I currently intend to purchase a property locally and lease it out, I will remain in the house that is provided (rent payable) by my employer. As I will be leasing out the property I will clearly have to complete a Self Assessment Tax Return, but I just want to check that although it is the only house I own (and it is not on a BTL mortgage), will I still be able to claim Tax relief on the interest on my loan and the expenses of letting out the property. I have only been able to track down information for those with a buy-to-let mortgage, but mine will technically not be B2L.
- I was going to phone Cambridge Building Society to ask if they have a Consent to Let application they can send me to complete.. However,I thought I would explore online. I was wondering if if you could direct me to a site where I could download this form online?
- I am nine months into a three year domestic mortgage with Cambridge Building Society. Just curious whether it's ok to lease out the property on my existing mortgage. Will Cambridge Building Society issue consent to let?
- Just wondering if if consent to let would be forthcoming from Cambridge Building Society in order to move back in with my mother and father for 12 months and save the cash to extend the lease on my flat?
- Can I remortgage to Cambridge Building Society from my current provider, with a consent to let or do I need a let to buy loan, and if so what are the LTV's?
- I am looking at some alternative lifestyle. I have a Cambridge Building Society mortgage, if I become a Australian resident but wish to rent my UK house, ...what do I need to do to get consent to let. Can this be obtained on the phone ?
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 information
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
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 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 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