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.
Top Five Questions relating to Penrith Building Society consent to lease
-
I bought a garden apartment in 2010 for 305,000 with Penrith Building Society. My husbands career requires that we move to Gibraltar and realise that I need to have to get consent to let from Penrith Building Society. Do you have any experience of consent to let from Penrith Building Society?
-
Is consent to lease required from Penrith Building Society or can I rent out my basement flat without telling Penrith Building Society and having to switch to a buy-to-let loan?
- I was just looking for advice on whether I will be allowed to switch a standard mortgage with Penrith Building Society to a consent to let. It will be less than 65% ltv and it would change from repayment to an interest only mortgage?
- At the moment I am looking to acquire my first property however, I am self employed. I want to chose a mortgage company that will permit short term letting with a residential mortgage so that I could let the property for 6-9 months with long periods of absence without being forced into a BTL product. Can you let me know how lenders would perceive this and specifically the approach taken by Penrith Building Society.
- Can you help me understand the requirements that Penrith Building Society set for consent to let? Can you help?
- My family circumstances has changed, and I would like to lease my home out - meaning consent to let- I have about £175K loan with Penrith Building Society and currently 90k equity I need to side-step the early repayment fees.
- My partner is in the process of placing an offer on a new property in Newham and is on to a good deal as it needs renovating. We want to rent our current property for two years and come back to live. Is there anything in the Ts and Cs of my Penrith Building Society mortgage to say I can let it out or do I need specific consent to let?
- I am thinking of moving in with my fiance at his home and would like to rent out my property that I bought thirteen months ago, I'm just not sure of the process as my property is my first home. What hoops do I need to jump through to obtain consent to let from Penrith Building Society If I obtain consent would my mortgage payments go up?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Penrith Building Society consent to let Questions and Answers
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
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 terms are not adhered to you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise your co-owner of your intention to let could result in them taking legal action 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