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.
Frequently asked questions relating to Penrith Building Society consent to lease
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Can Penrith Building Society choose to operate a right to change the rates on a homeowner mortgage where the lender has granted Consent to Let at any time, onto ‘rates equivalent to their BTL products'?
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Can a new mortgage be taken on a consent to let with Penrith Building Society?
- I rented my house out for three years between 2010-2013 while working in New York. I have a letter dated January 2010 from my mortgage company granting consent to let. In the letter it clearly stipulates that the consent to let is valid for "the remaining term of the mortgage". I have not remortgaged since the letter was sent. I now plan to move house and rent out my existing house. However, my IFA has suggested that the 2010 consent to let letter may not satisfy the new lender Penrith Building Society for the property I wish to buy.Your view would be appreciated
- I have an offer accepted to buy a property, we have a deposit of between 10-15% for a standard mortgage with Penrith Building Society. The small problem is we are due to go overseas in 2 months for work. We are using a financial adviser. She says if you tell this to the lender in advance we will need to get a buy to let. Do go ahead with residential mortgage with Penrith Building Society, shortly thereafter ask them if I can have consent to let? Alternatively, do we try and contact Penrith Building Society at this point and reveal there is a possibility we will move abroad in the future (nothing is definite regarding the move abroad) and see if they agree in advance that it should not be an issue
- My OH and I purchased a place in Manchester with Penrith Building Society and am moving to rent a property in Brighton due to work. Is consent to let from Penrith Building Societyavailable? I am only looking to let out the flat for six to nine months before selling.
- I am looking to Penrith Building Society to grant consent to let out my home in Camden. I am about to commence a PhD opportunity in Maastricht University, Netherlands
- I would like consent to let on my Bexley flat from Penrith Building Society. I will be going abroad for 10-12 months so wish to know if I can rent out my apartment
- I may be looking to let out my property and wondered what I would need to do to negotiate consent to let by Penrith Building Society. I may be moving abroad for nine months.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Penrith Building Society consent to let Advice
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
Omitting 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
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 conditions are not complied with you may be in violation of 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Penrith Building Society