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Need professional advice for your consent to let with Cumberland Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Frequently asked questions relating to Cumberland Building Society consent to lease
- Am applying for a mortgage with Cumberland Building Society, but we are running up against a serious block. My husband is the deputy head in a boarding school, whereby we are provided with a residence as part of his employment. We wish to buy a maisonette with a view to joining the property ladder, and let it out while we're living at the school accommodation. I had thought Cumberland Building Society would grant consent to let from the outset of the mortgage. It appears that we may be refused consent to let. Can you give me any ideas what we can do?
- My cousin and his fiance currently lodge with me at my two bedroom maisonette. This Spring I would like to move out of the property and in with my GF. Is it possible to get consent to let from Cumberland Building Society after only having the mortgage for less than half a year?
- I got a normal mortgage with Cumberland Building Society last September and then had to relocate for work, I am now considering renting my property out for six months whilst I am abroad. What are my chances of obtaining consent to let from Cumberland Building Society, and what effect would this have?
- At the moment I am looking to buy my first property however, working as a freelancer. I want to chose a mortgage provider that allows short term letting with a residential mortgage so that I could lease out the property for 6-9 months with long periods of absence without being required to switch to a BTL rate. Are you able to advise me on how lenders would view this and specifically the approach taken by Cumberland Building Society.
- I have a mortgage with Cumberland Building Society and am considering letting it for eight weeks while on holiday. Will Cumberland Building Society consent to this?
- Please can you tell me the circumstances under which Cumberland Building Society will decline a consent to let application?
- We have a mortgage with Cumberland Building Society at the moment and just enquiring whether Cumberland Building Society currently allows consent to let
- I am already renting out my flat but may have been found out. I have four months left on my fixed rate. Is it simple to get consent to let from Cumberland Building Society. Is it just a quick phone call, pay the charge and that's it?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Cumberland Building Society consent to let information
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 inform them could 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
If your property is leasehold, the provisions in the lease may prevent 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 your covenants under the lease. This could potentially result in 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with Cumberland Building Society your property may be repossessed