Need Help?
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
- My boyfriend and I (co-owners) are considering refinancing with Cumberland Building Society. I was conducting some research concerning consent to let from Cumberland Building Society to understand the rules around potentially letting our current apartment out (probably in a year or 2) if we moved away. The flat in question was a first-time purchase for us about 2 years ago. We are living there at the moment.
- I rented my house out for three years between 2009-2012 while working abroad. I have a letter dated January 2010 from the building society granting consent to let. In the letter it explicitly stipulates that the consent to let is valid for "the remaining term of the mortgage". I have not changed product since the letter was sent. I now plan to move house and rent out my existing house. However, my IFA has suggested that the 2010 consent to let letter may not satisfy the new lender Cumberland Building Society for the property I intend to purchase.Your view would be appreciated
- Me and my husband have a flat in Haringey which we acquired as a new-build just over seven years ago. As we've now got a young son we require a bigger home. We've found a house in Bromley that we would like to buy and want to keep the flat as an investment to rent out. The mortgage is with Cumberland Building Society and we've found a tenant who will pay rent which more than covers the monthly mortgage amount. The query is, can we keep the repayment mortgage with Cumberland Building Society so we effectively paying off our mortgage on the property or must we to switch to a buy-to-let product?
- As a result of a change in family circumstances my wife and I are moving to my parents house while they are away and letting our flat out. We are going to need for consent to let from Cumberland Building Society. Will this be forthcoming? We will need to remortgage in the next year will we then switch to a BTL mortgage. We will 100% return to our property at within the next nine months?
- I was just looking into consent to let as it's something potentially I require from Cumberland Building Society inside the next year. Our family circumstances has changed, and I would like to rent my property out
- I currently have a mortgage with Cumberland Building Society that I would like to transfer to a consent to let as we have found another property we are looking to buy. How do I go about getting a consent to let from Cumberland Building Society?
- I am trying to investigate if it is possible to get a consent to let mortgage with Cumberland Building Society rather than a buy to let mortgage
- I am potentially moving in with my girlfriend at her home and would like to rent out my property that I acquired last autumn, I'm just not sure of the process as my property is my first home. What do I need to do to gain consent to let from Cumberland Building Society If I obtain consent would my mortgage payments increase?
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Caveats to be read in in addition to the above Cumberland Building Society consent to let Info
Tax and Legal
There are numerous potential 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
One thing to remember when arranging a consent to let mortgage with Cumberland 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 regular 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
Leasehold properties
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Cumberland Building Society