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Need professional advice for your consent to let with Penrith 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 Penrith Building Society consent to lease
- I am currently in the process of emigrating to Beijing . As opposed to finding a buyer, I wish to let my existing property out, just in case things turn out badly and I decide to return within one or two years. I have a current mortgage is with Penrith Building Society. Would I be able to refinance with another mortgage company on a much lower interest rate then apply for Consent to Let once the re mortgage has completed?
- I found tenants for my house in the summer and didn't tell Penrith Building Society. I have a three year residential mortgage (healthy equity in it, never defaulted) and want to let Penrith Building Society know and get consent to let for the remaining two years of my mortgage . I am unsure how to go about this.
- How many months after taking out a new mortgage will a consent to let be likely to be given by Penrith Building Society? To give some history I purchased my property in Islington nearly two years ago and am currently on a fixed term for 3 years. I subsequently met a guy and now we are looking at moving in to his place. I intend to get a better fixed term next December. I assume that I would have to wait at least 6 months before I could seek consent to let. Is that correct?
- I recently got married and my wife and I would like to buy a family home in the coming year, whilst keeping our maisonette in Newham we currently live in to rent out. Mortgage on the flat is with Penrith Building Society. I don't want to put myself in a situation with two residential properties only to be refused consent to let.
- I was just enquiring if Penrith Building Society were picky when giving out consent to let. I sent my request on date and I am waiting to hear back. Should I start chasing or wait for a bit longer?
- I have had my mortgage with Penrith Building Society for the past twenty months and I am interested in finding out some more information about the possibility of getting 'consent to let’.
- I am planning on relocating within the next six months and want to rent my property out. My mortgage rate is fixed with Penrith Building Society. I am worried a 1% increase would be too much if that was a condition of obtaining consent to let
- I may potentially need consent to let from Penrith Building Society in the future with work. I am just seeing what the options would be if this was the case. Are there any time restrictions on how long one can let out your property with consent?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above Penrith Building Society consent to let Advice
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 Penrith 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 to have a license to do so from the freeholder. If such restrictions are not strictly observed 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 commencing legal proceedings 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 Penrith Building Society