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.
Cumberland Building Society Consent to Lease Example Support Desk Enquires
- I want to see if I can get consent to let on my existing property. I have a mortgage with Cumberland Building Society but my situation has changed. I'm about to move in with my partner and daughter who have a house and more room than my 1 bed property. I doubt I will qualify for a buy to let mortgage as I don't have money for a deposit nor do I earn more than £25000 a year.
- Am in possession of a mortgage offer from Cumberland Building Society, but we are running up against a serious block. My husband is a teacher in a boarding school, whereby accommodation is a perk of the job. We wish to buy a ground floor flat to get on the ladder, and rent it out while we're based at the school. I had thought Cumberland Building Society would be willing to give consent to let from the outset of the loan. It appears that we may not be able to get consent to let. Can you give me any advice?
- My fiance have a fixed rate mortgage with Cumberland Building Society for 2 years and have been living in the apartment for just over six months. Due to work I need to move so I would like to rent the place out. What is the best way to go about getting consent to let from Cumberland Building Society?
- My partner and I currently live in Hong Kong and letting out our property in Camden. This was unplanned but an opportunity presented itself and we took it. The rental income is not enough to cover the mortgage so we send back money each month to cover the shortfall. Earlier today I got a letter in the mail from our lender telling me that as the property is being let out and has been for nearly four years we will have to pay 1.5% interest in addition to our current mortgage rate. One option is to sell the apartment but this will be difficult as I am so far away. Could we remortgage with Cumberland Building Society and get consent to let?
- I wishing to obtain consent to let for my flat as I am moving out for six months currently fixed Cumberland Building Society mortgage with three years which is due on December next year.
- Do you know whether Cumberland Building Society will accept rental income on consent to let for affordability purposes or does it need to be on a buy to let ? Would Cumberland Building Society let me raise capital based on the rental revenue ?
- I have a mortgage with Cumberland Building Society and am considering whether to sell or rent in the short term but don't have the equity for a buy to let mortgage at this time. What are my consent to let options currently?
- I'm considering a remortgage offer with Cumberland Building Society and it's likely I will need take advantage of any consent to let option if available during the fixed period. Are there any penalties I should consider?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Cumberland 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
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 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
Leasehold properties
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Cumberland Building Society