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.
Penrith Building Society consent to let: Q and A’s
-
I have a normal mortgage over my residence in loc and am due to relocate to country for two years. During this period it makes financial sense to lease out my apartment. My bank is withholding consent to let. It’s hardly ideal to move to a buy to let loan as it’s only for a short period that I am going away for.
- Can you confirm if it is probable that I will procure consent to let with domestic mortgage through Penrith Building Society? My husband and I are planning to relocate to Lewisham to be nearer to our son's university, but we are unsure whether the relocation will be for more than a couple of years.
- My husband and I are interested in understanding the conditions customers have to meet before consent to let from Penrith Building Society is given. Do you know if there are any restrictions on who can be issued with consent?
- I have an annex that my father is planning to move out from. As my property is large I was considering moving into the annex and let the rest out. This is also due to change in my personal situation. Would I require consent to let from Penrith Building Society?
- I was just curious as to whether Penrith Building Society would grant consent to let and what kind of fees, penalties and new rates etc
- I wish to apply for consent to let from my mortgage provider Penrith Building Society to lease out my property. This is due to me relocating. Can you tell me whether Penrith Building Society grant consent to let in this situation?
- Is there discretion in the accepted equity amount before switching from a current Penrith Building Society mortgage to a consent to let?
- I am trying to find out if Penrith Building Society will grant consent to let in a situation where we need to move closer to relatives in a different house albeit that we may move back the future if circumstances change.
Find out more about how flying freeholds can affect the marketability of a property.
Information 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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them could result in your insurance becoming invalid. 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach 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 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