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.
Top Five Questions relating to Chesham Building Society consent to lease
- Please can you providing me some more detail on the consent to let process. I am considering a Chesham Building Society mortgage on a £140,000 property later this year. The aim would be to hold the house as a second home but I need to know what options there are to let the property in the future. If our situation was to change the house would either be sold or rented.
- Much to my surprise I have just been presented with an excellent job opportunity for 6 months in Denmark. I have enough cash reserves to pay the monthly Chesham Building Society mortgage yet the buildings insurance requires that the property must be occupied in order not to be invalidated. Last December the roof had some leaks that were repaired. Should there be any problems through the winter months I would struggle to cover the remedial works. Would I be eligible for consent to let via Chesham Building Society for the period I am abroad?
- I own a house that's currently under shared ownership (My share is 50%) purchased in July 2013. I am currently going through the full purchase of the house. Me and my wife also have in mind a further house that we are hoping to buy. Mortgage in principle has been issued by Chesham Building Society. I would like to know that I will be able to put the current 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 home
- As we are relocating and failing to find a buyer for our flat, we are considering letting it out. Am I duty bound to inform Chesham Building Society? If we do, I think they will want to change our mortgage to buy to let and increase rate which we can't afford. I was thinking that as long as I continued making my monthly payments it shouldn't be an issue, but am now concerned about insurance ramifications if we haven't got consent to let. Any advice?
- Circumstances: I am moving to become a non-UK resident. Potentially for a number of years. However I will be on a 3 month test period .I'm wanting to know how to go about getting consent to let from Chesham Building Society and any costs to be incurred
- We have a domestic mortgage with Chesham Building Society and are deliberating on obtaining consent to let so that we can apply for a further mortgage on another property that I own on a buy to let basis. Ahead of applying it would be helpful to know the consequences of making the change and any facts that we need to be aware of.
- I am considering relocating with work and would need to rent my property out. I have a mortgage with Chesham Building Society. My property is worth approx £250k and owe £48k on it. Will Chesham Building Society increase my mortgage rate?
- Just wanted to know what needs to be provided to Chesham Building Society in order to get consent to let? I just finished a three year fixed mortgage and thinking of moving to another house with my husband.
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Important warnings to consider in in addition 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
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 could result in 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 lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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 Chesham Building Society