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.
Sample questions relating to Penrith Building Society consent to let
- I have a Penrith Building Society mortgage on an apartment I own, in Greenwich. This year, resulting from a change of personal circumstances I decided to let out the apartment, and rent another property in a different area within same loc. The state of affairs that altered is that I started cohabiting with my partner, and the flat is too small for our needs. I do not want to try to sell the flat because the current market value is 20% less than when I purchased the flat in 2005. I wrote to Penrith Building Society for a consent to let which was refused because they determined that I wanted to invest in the flat. Any guidance would be greatly appreciated, as i am at the end of my tether. There is a sense of urgencyas I have a prospective tenant waiting for this consent to let and may look elsewhere.I look forward to hearing from you
- Please explain "consent to let" to me? I live in a studio flat and its in good condition. It is on the market and I can't find a buyer. This is probably due to an longstanding feud with the guy next door. I had no choice but to put this on the disclosure sheet. I am with Penrith Building Society on a fixed rate. It has been suggested to me that I should get consent to let via Penrith Building Society and let the flat for a couple of years.
- For a variety of reasons I am planning to move in with my girlfriend next week and I have let my property out to two tenants on a one year tenancy. The application for consent to let from Penrith Building Society is in hand but what if they refuse. I can’t renege on my contract in terms of not renting the students as the paperwork is finalised. On the flip-side Penrith Building Society could sue me for breach of contract i.e. renting it out without consent to let.
- I are looking to let out our garden flat in Haringey in June. I would like some advice on what I need to do. I've just moved our Penrith Building Society mortgage to a fixed term and just need to understand what the procedure is if I plan to get consent to let.
- Is it the case that a prior extension to a mortgage term with Penrith Building Society work against us when we sought consent to let from Penrith Building Society.
- Do I require consent to let if I rent to a family member (in my situation my Dad now lives there and contributes towards the Penrith Building Society mortgage)?
- My mortgage has been with Penrith Building Society for six years. I would like to apply for consent to let my flat. I have been waiting for Penrith Building Society to get back to me. Could you please check and help?
- We are mulling over a remortgage offer with Penrith Building Society and it's a strong possibility that I will need take advantage of any consent to let option if available during the fixed period. Are there any charges I should be aware of?
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 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 null and void. 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 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 violation of your covenants under the lease. This could trigger 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