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.
Examples of recent questions relating to Cambridge Building Society consent to let
- Can you please advise me what Cambridge Building Society charge for consent to let out part of my garden flat? Any advice would be appreciated.
- I have a residential loan with Cambridge Building Society. I wish to purchase a further house and my financial adviser suggested I seek consent to let. I had formerly led to believe they only accept the consent to let if I have the intention to go back to my current home. Did I get the right advice?
- Please explain "consent to let" to me? I live in a 1 bed apartment and its in good condition. It is on the market and I am struggling to sell. This is probably due to an ongoing dispute with the guy next door. I have had to mention this on the disclosure form. Mortgage is with Cambridge Building Society on a fixed rate. It has been suggested to me that I should obtain consent to let from Cambridge Building Society and rent the flat out.
- I acquired my garden flat in Redbridge last September and have a 2 year fixed rate mortgage with Cambridge Building Society. Looking to move in with my boyfriend within the next 6 months and would like to rent my property. Would like to be better informed as to the process.
- Just curious as to whether it is possible if you own one property with consent to let from Cambridge Building Society, to buy a second with a residential mortgage to live in. Then once the consent runs out on the first property, to change to buy to let or sell it?
- When it comes to consent to let from Cambridge Building Society am I supposed to advise them each time we get a new tenant and send them a copy of the lease document?
- So this is the scenario: I am moving to become a non-UK resident. This might be for a number of years. However I will be on a 3 month test period .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 would like to know if I have a normal mortgage with Cambridge Building Society and decide to let it out, does the rate increase and are there any supplemental costs for obtaining consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Cambridge Building Society consent to let Info
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
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 trigger your insurance becoming invalid. 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 to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Cambridge Building Society