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.
Recently asked questions relating to Cumberland Building Society consent to lease
- What are the chances of Cumberland Building Society in issuing me with Consent To Let on a garden flat? Agents have had it on the market for three months. I need to sell but I'm worried that if there is no interest I will need to rent out the property in order to cover the mortgage to Cumberland Building Society (I no longer reside there). I would prefer to be honest with Cumberland Building Society than keep them in the dark but I am worried as to how accomodating they would be.
- I have a mortgage with Cumberland Building Society however my husband and I will be moving to Australia in September. The mortgage is in my name yet it is my husband's job that is taking us abroad how do I answer the question: 'please indicate why you wish to let the property':
- I am unable to find the form to download "consent to let" on the Cumberland Building Society website. Could you please send me the URL to do it? Thanks a lot.
- I'm one year into a two year fixed mortgage with Cumberland Building Society. The LTV is just 50%. I've come across a really good deal on a garden flat in Waltham Forest which I would not want to miss. It seems the only way I can get this other property is to take out some good chunk of equity. I would let the current home which would more than cover the mortgage with Cumberland Building Society. Is it possible to obtain consent to let from Cumberland Building Society and and then seek an equity release after it's let out?
- I was just curious as to whether Cumberland Building Society would grant consent to let and what kind of charges, penalties and rate increase etc
- This is not a question specific to Cumberland Building Society but do mortgage companies usually supply the information I need for my Buy to Let or Consent to Let self-assessment tax submissions?
- Circumstances: I am moving to become a non-UK resident. Potentially for a number of years. However I will be on a six month probation period .I'm wanting to know the criteria for consent to let from Cumberland Building Society and any costs to be incurred
- I took a domestic mortgage with Cumberland Building Society, and I would like to let the property out, until I decide whether to sell or hold on to it as an investment. At the moment I am on the standard variable rate. Will I need to move onto a new mortgage? I.E. BTL?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above Cumberland Building Society consent to let information
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 conditions are not complied with you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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