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Need professional advice for your consent to let with Chesham Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Chesham Building Society consent to let: Q and A’s
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Will Chesham Building Society exercise a right to change the rates on a regular mortgage where the lender has granted Consent to Let at any time, onto ‘rates equivalent to their BTL range'?
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I have been letting out my flat with "consent to let" from Chesham Building Society on a regular mortgage for the previous three years. Chesham Building Society have just written withdrawing their consent to let if we do not transfer to one of their "buy to let" loans.
- I purchased a property in 2014 with a Chesham Building Society home loan but want to sublet the property. I have got parking issues there. Will Chesham Building Society issue consent to let?
- I have a garden flat but I am rarely there, looking into the possibility of renting it out. The mortgage is with Chesham Building Society, would I have to move onto a new mortgage rate or ought I try to get consent to let?
- I am thinking of moving in with my girlfriend at her home and would like to rent out my property that I purchased ten months ago, I'm just not sure of the process as my property is my first home. What hoops do I need to jump through to gain consent to let from Chesham Building Society If I obtain consent would my mortgage payments rise?
- Does my loan to value need to be at a certain level to allow me to apply for a consent to let from my mortgage provider Chesham Building Society. Will any consideration be given to the fact that I only took out the mortgage two months ago?
- Last month bought my flat and took out a mortgage with Chesham Building Society but my boyfriend has asked me to move in with him. Would I be allowed consent to let?
- Do you know if there is normally a maximum loan to value amount before Chesham Building Society will grant consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Chesham 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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 conditions are not complied with 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 advise 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.
If you do not keep up the payments on your mortgage with Chesham Building Society your property may be repossessed