Need Help?
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.
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.
I'm about to contact Chesham Building Society for consent to let out my house in Chesham Building Society. However I currently have the property for sale but there are no takers and paying a full mortgage, council tax and insurance on vacant house is a financial drain. What approach would Chesham Building Societytake if I market the property?
Are any options available to me if my request to obtain consent to let is turned down by Chesham Building Society?
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.
One thing to remember when arranging a consent to let mortgage with Chesham 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
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 breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Neglecting to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.