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.
Examples of recent questions relating to Penrith Building Society consent to let
- I acquired an apartment two years ago with a Penrith Building Society mortgage but now wish to sublet the property. I want to move into a house as our kids are growing up and a one bed residence is not sufficient - plus if I rent it out I can save some money. Do I require consent to let fromPenrith Building Society?
- I found tenants for my house six months ago and didn't tell Penrith Building Society. I have a three year domestic mortgage (large amount of equity in it, never defaulted) and want to let Penrith Building Society know and get consent to let for the final 24 months of my mortgage . I am unsure what to do.
- I am an existing Penrith Building Society mortgage client in need of consent to let on an existing property. We would like to purchase near where we are based with the Army,... but we might have to relocate.
- I purchased my one bedroom ground floor purpose built maisonette in Hounslow one year ago and have a two year fixed rate mortgage with Penrith Building Society. Looking to move in with my fiance next month and would like to rent my property. Would like to be better informed as to the process.
- I need to send the consent to let form by courier and need to know if Penrith Building Society have a regular mailing address I can use as couriers ordinarily don’t accept deliveries to PO Box addresses.
- My fiance and I were enquiring if it's possible if you own one property with consent to let from Penrith Building Society, to purchase a second with a homeowner mortgage to live in. Then once the consent runs out on the first property, to change to buy to let or sell it?
- The prevailing mortgage is with Penrith Building Society, but I am going to move out for around a year as we need to be closer to my partner's mum and dad. Will Penrith Building Society issue consent to let?
- My 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 are growing up, and would be better used as a rental.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above Penrith Building Society consent to let information
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 notify them could 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 conditions are not complied with you may be in breach 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 taking legal action 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