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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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We just received consent to let from Penrith Building Society. After some effort, Penrith Building Society have issued me with ‘consent to let’ confirmation . The conditions attached to the consent refer to an assured shorthold tenancy. Can you explain what this is?
- I have been stupid in not informing Penrith Building Society that I’m renting my house out. Ideally I would like to do the right thing with as little adverse implication as possible. If Penrith Building Society says yes, is there any way of them figuring out that I’ve already been renting it without consent?
- Your view would be appreciated as to whether consent to let from Penrith Building Society is the right option. I purchased my house seven months ago by porting a Penrith Building Society mortgage product. My fixed rate came to an end two months ago I'm probably going to be moving in with a new partner. I don't want to sell my house yet as I'm unsure of whether the new move will prove successful. I just wanted an idea of whether a consent to let from Penrith Building Society would be possible?
- I have had a Penrith Building Society mortgage for less than a year but I recently found out I will soon be made redundant. I would like tips on seeking consent to let from Penrith Building Society
- I'd like to know if on the balance of probabilities Penrith Building Society will give consent to us letting out our flat in Bexley
- I took a homeowner mortgage with Penrith Building Society and my circumstances have changed due to family, can I apply for consent to let. What changes will affect me?
- My fiance and I have a domestic mortgage with Penrith Building Society and are considering obtaining consent to let so that we can apply for a further mortgage on another property that I own on a buy to let basis. Ahead of applying I would like to know the repercussions if any of making the change and any facts that we need to be aware of.
- Our Penrith Building Society mortgage is coming up for renewal. We would like to apply for a new residential mortgage and then apply for a consent-to-let. Is this possible? We don't use the house much now that our kids have grown up, and would be better used as a rental.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to 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
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 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
If your property is 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 restrictions are not strictly observed you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Penrith Building Society your property may be repossessed