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.
Recently asked questions relating to Penrith Building Society consent to lease
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Due to problems with the area we live in (it's rough!), we are keen to relocate. As selling the flat will involve redemption penalties to Penrith Building Society of £4000, we thought that it would best to rent it out. So, we need to obtain a consent to lease from Penrith Building Society only for less than a year. Will Penrith Building Society grant consent?
- A colleague recently sought CTL from the Woolwich which they refused because the mortgage had not been in place for even half a year. I am about to seek consent to let from Penrith Building Society. Will they have the same rule?
- My mortgage is with Penrith Building Society and wonder if I am duty bound to notify them if we no longer reside in the property. I fear that they may up the interest rate if we move and let it out but it's not very obvious what the change would be. Should I decide to rent my property out and seek consent to let how would the payments increase?
- I have found myself in the accidental landlord situation and didnt inform Penrith Building Society. I had to vacate my flat for career reasons, so am now based in another part of the country. At first I attempted to sell the flat, but prices were low, resulting in negative equity. This was three years ago in 2011, the value has gone up and has allowed me time to save. I am in now in a position where I could convert to a BTL mortgage and would like to remortgage at the same time. My concern is, will changing mortgage providers possibly alert Penrith Building Society that I have been letting without consent to let? I appreciate that I shouldn’t have done this, but circumstances meant it was the only thing I could do to keep my head above water. Any help will be greatly appreciated?
- I am thinking of renting my property will Penrith Building Society bill me for a consent to let letter?
- I would like to get consent to let from Penrith Building Society for a few years until I can turn it into a B2L. Is this achievable
- How likely is it that Penrith Building Society force me into a consent to let product while I'm in a fixed rate product for 2 years?
- We are looking in more information about consent to let from Penrith Building Society. Would an acceptable reason be parking problems and the house is too to small for me?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition 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
Where 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 inform them may trigger 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
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 violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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