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Need professional advice for your consent to let with Perenna? 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 Perenna consent to lease
- I had a chat with a mortgage broker friend last month. He said that if I decide to move abroad with my job for a period then I should not apply for consent to let from my lender (Perenna) until at least 2 weeks before I plan to lease out my house. Does that mean I have to find a tenant first and then obtain a consent to let?
- Given we are relocating and unable to sell our property, we are thinking about renting it out. Am I required to inform Perenna? If we do, I think they will want to change our mortgage to buy to let and increase rate which we can't afford. I was thinking that as long as I continued making my monthly payments it shouldn't be a problem, but am now worried about insurance ramifications if I have let my property out on the sly. Any thoughts?
- Our current house in Redbridge has probably about £95K equity with a mortgage with Perenna. It's a nice family house in a popular catchment and I think it would rent easily. We are possibly moving for my husband's work and were considering keeping this house on as an investment property - should we be swapping the mortgage to a buy to let product or should we seek consent to let from Perenna?
- I have a question concerning consent to let. I have a Perenna mortgage on my property (with quite a bit of equity). We are planning to move out of Manchester and if at all possible would like to to lease out our house with consent to let from Perenna and use the income from that to help secure a second mortgage for a house to live in. How can I fund a second mortgage without selling my old property and using the equity as a deposit for the new property. Is there anyway I can change my old mortgage to a buy to let mortgages or obtain consent to let and take on a second mortgage without having a deposit to put down.
- I am considering renting my apartment will Perenna charge me for a consent to let letter?
- If I were to apply for consent to let from Perenna how much time does it take to get consent to let after you apply to Perenna. ?
- We have a mortgage with Perenna and would be thinking about buying another main residence and then subsequently renting our current house out. Do I need consent to let from Perenna?
- I recently bought a garden flat in Hackney. I am a FTB. I am moving Belfast next month, can I get consent to let from my lender Perenna or do need to wait for at least 6 months?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Perenna consent to let information
Tax and Legal
There may be various 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
If your property is 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 breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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 Perenna