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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.
Common questions relating to Penrith Building Society consent to lease
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I am in an impossible situation with a Consent to Let mortgage. Having sought consent to let the bank has asked me to provide them with a signed AST as a prerequisite to granting consent. If I get a signed tenancy agreement would I not be breaching the lender’s terms and conditions?
- I was just seeking a general view on whether I will be allowed to switch a homeowner mortgage with Penrith Building Society to a consent to let. It will be less than 55% loan to value and it would change from capital and interest repayment to an interest only mortgage?
- My partner and I took a mortgage out on a ground floor flat in August however I will be working outside of commuting distance of Brent in the medium term but hope to find work closer in the long term. Given that I recently acquired the property I will lose money if I sell and do hope to return to Brent so would like to keep it. How likely are Penrith Building Society to allow a consent to let and what will it cost me ?
- Need some information about leasing a property and consent to let. In the coming months I want to move in with my other half. The local authority would like to rent my flat for 5 year commitment with rent being paid and maintenance. The flat was purchased with a mortgage by Penrith Building Society. Please help
- My lender refuse to grant consent to let without a move in date confirmed with a tenant. How can I confirm this without consent to let? I am not sure but I vaguely recall my friend had a similar issue with Penrith Building Society.
- Me and my husband want to let our house out and use the rental income to cover the rent on a house in Merton. What are the chances of being given consent to let by Penrith Building Society without being forced into a new rate.
- I am trying to find out if it is possible to get a consent to let mortgage with Penrith Building Society rather than a buy to let mortgage
- I am intending on relocating within the next nine months and would like to let my property out. My current rate is fixed with Penrith Building Society. I am worried a rate hike would be too much if that was linked to receiving consent to let
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above Penrith Building Society consent to let Questions and Answers
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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of 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
Neglecting to advise 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