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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
- I have a colleague who is considering leasing their house out and moving in with partner. She has a house in Merton and has a £80k home loan with Cambridge Building Society. What would she need to do to get consent to let if she decides to do this.
- I have a house that's presently under shared ownership (My share is 60%) and I bought it in Aug 2014. I am currently going through the full purchase of the house. My partner and I have also got a further house that we are looking to purchase. Mortgage in principle has been issued by Cambridge Building Society. I want to know that I will be able to put the existing house through consent to let as soon as the remainder share has been purchased so, that we can start the process of purchasing the new property
- How long does it take to obtain consent to let from Cambridge Building Society and is there a minimum period of time I should have lived in the property?
- My OH have an offer accepted to purchase a property, we have a deposit of between 10-15% for a residential mortgage with Cambridge Building Society. The one concern is we are due to go overseas in three months for work. We are going through our financial adviser. He says if you tell this to Cambridge Building Society up front we will need to get a buy to let. Do go ahead with residential mortgage with Cambridge Building Society, in a couple of months ask them if I can have consent to let? Otherwise, do we try and contact Cambridge Building Society at this point and disclose there is a chance we will move abroad in the future (nothing is confirmed concerning the move abroad) and see if they confirm in advance that it should not be a problem
- My fiance and I are contemplating a remortgage and also thinking of renting the property in the future - Is there a charge with Cambridge Building Society to procure consent to let and what are the criteria?
- I would like to rent a room in my flat in Sutton. Do I require consent to let from my mortgage provider Cambridge Building Society?
- My Cambridge Building Society mortgage rate comes to an end next September can I move to a interest only with consent to let?
- What, if any, income requirements do Cambridge Building Society set for consent to let on an existing homeowner mortgage?
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 may be various 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
One thing to remember when arranging a consent to let mortgage with Cambridge Building Society is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 obtain the consent of the freeholder. If such terms are not adhered to 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 taking legal action against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Cambridge Building Society