Need Help?
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.
Common questions relating to Penrith Building Society consent to lease
- I am about to contact my lender Penrith Building Society setting out the following logic for my request for consent to let ; "I am having difficulties paying the monthly mortgage amount and want to move back with my parents but can't sell. I wish to avoid defaulting on the mortgage and have considered handing back the property to you. If you issued consent to let that may solve things." Is this likely to result in a positive response?
- I would like to see if I can obtain consent to let on my existing apartment. I have a mortgage with Penrith Building Society but my circumstances have changed. I'm about to move in with my partner and daughter who have a house and is larger than my studio home. I doubt I will qualify for a buy to let loan as I don't have the funds for a deposit nor do I earn more than £25000 per annum.
- We have just sorted our rates for another fixed period with Penrith Building Society. Some weeks later, I attended an interview and basically I accepted the job offer in Tower Hamlets. I'm going to rent a one bed flat for the family in Bromley as we don't wish to sell the house whist there is a chance that we come back before two years.... We really have no idea how things will go. We called Penrith Building Society but we would like also your point of view please. Is it possible to obtain consent to let in that case as we just got a fixed 5 years rate we would not want to change.
- My mortgage with Penrith Building Society has been in place for just under 6 months but I recently found out I am about be made redundant. I would like tips on obtaining consent to let from Penrith Building Society
- How much is it to get a consent to let from Penrith Building Society on my residential property. Recently I have moved in with my wife and have a colleague wanting to let out the property.
- I am already letting out my property but may have sussed that I am not living there. I have 5 months left on my fixed rate. Is it simple to get consent to let from Penrith Building Society. Is it just a five minute phone call, pay the fee and that's it?
- I have just recently bought my flat and took out a mortgage with Penrith Building Society but my boyfriend has asked me to move in with him. Would I be granted consent to let?
- Me and my partner want to consider the option of letting out my house with consent to let from Penrith Building Society whist away travelling for three months
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Penrith Building Society consent to let information
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
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 lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of your covenants under the lease. This could trigger 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