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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.
Penrith Building Society consent to let: Q and A’s
- A friend of mine has let her property off the same landlady for nearly one and a half years. Over the course of the last twelve months my friend has received letters from Penrith Building Society (she hasn't opened them-it is clear from the envelope). For the first half a dozen she forwarded them to her landlady's address. My suspicions were aroused as none of the landlady's mail was meant to be going there. I decided to go to my friends house and called Penrith Building Society on her behalf. The gentleman I called at Penrith Building Society asked all sorts of queries, the landlady's details, information on the tenant and then said they were going to look into whether she could legallylet out the house or if it was an offence with no consent to let. Should my friend be concerned?
- I have a home loan with Penrith Building Society on a property and I intend to find a tenant for it out and rent another property due to changes in personal circumstances - I want to move to a different area, and to live in a larger property with my fiance. I applied for consent to let and just got a response refusing because they considered that I want to invest. I dont know what my options are. I find myself at risk since I am already committed to the new property and would have to pay both Penrith Building Society and rent payments, which could expose me financially. The matter needs to be addressed soon as a potential tenant is waiting
- My partner and I might have to rent his property out. I realise that I need a consent to let from Penrith Building Society. We plan to join a landlord association if we decide to let the property, but which one should we register with? We've seen the RLA and National Landlords Association.
- My mortgage is with Penrith Building Society and wonder if I am required to disclose if we no longer live in the property. I believe that they may increase the interest rate if we move and find a tenant but it's far from obvious what the change would be. Should I decide to rent my property out and seek consent to let how would the payments go up?
- 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 mail it to?
- I have a mortgage with Penrith Building Society at present and just wondering if there any costs for obtaining consent to let
- Will Penrith Building Society choose to exercise a right to change the rates on a standard mortgage where Consent to Let at any time, onto ‘rates equivalent to their B2L range'? Is it possible to refinance on a consent to let with Penrith Building Society?
- I currently have a residential mortgage with Penrith Building Society and plan on letting due to work being based in Luton. In asking for consent to let from Penrith Building Society do I run the risk of them forcing me to change deal to BTL
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above Penrith 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
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 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 trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them taking legal action 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 Penrith Building Society