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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.
Top Five Questions relating to Penrith Building Society consent to lease
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My better half and I plan to return to Germanyin Month, initially short-term but conceivably longer term. We have just applied to Penrith Building Society to obtain consent to let out my home in Penrith Building Society. The mortgage has been in place with Penrith Building Society for Six years and the account is up to date with no current arrears. Penrith Building Society advise, that even if they give permission, that this is a short term consent for a single year. What happens after one year?
- A colleague recently sought CTL from the Woolwich which they turned down because the mortgage had not been going for six months. I am about to request consent to let from Penrith Building Society. Will they have the same rule?
- Given we are relocating and unable to find a buyer for our flat, we are thinking about renting it out. Am I required to advise Penrith Building Society? If we do, I think they will want to change our mortgage to buy to let and increase fees etc which we can't afford. I was thinking that as long as I continued paying on time it shouldn't be an issue, but am now worried about insurance ramifications if I have let my property out on the sly. Any thoughts?
- My husband is in the army and he has been posted overseas we would like to get something called 'Consent to let' from our lender Penrith Building Society. Can you help me?
- My wife and I bought a place in Liverpool with Penrith Building Society and am moving to rent a property in Oxford due to work. Is consent to let from Penrith Building Societyavailable? I only want to lease out the flat for six to nine months before selling.
- I have a consent to let letter that I have procured from my management company. I presume I need to attaching this with a letter to Penrith Building Society with a view to seeking consent to let from them. What address shall I post it to?
- I was just enquiring if Penrith Building Society were picky when considering 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?
- My daughter has a mortgage with Penrith Building Society and she wants to lease her apartment out as she moving in with her boyfriend.Will she be given consent to let? What is the process and charges involved?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Penrith 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
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 terms are not adhered to you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
If you do not keep up the payments on your mortgage with Penrith Building Society your property may be repossessed