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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.
Top Five Questions relating to Perenna consent to lease
- I'm presently stuck in a rental contract until November and am purchasing an apartment. Would my lender Perenna have an issue with consent to let until my tenancy ends and then moving in?
- I am looking to move and let out my one bedroom apartment in Hillingdon. Having bought it in summer 2007 and currently on a high ltv there is little equity in it. My mortgage is with Perenna. Do you know where Perenna stand when it comes to consent to let?
- My fiance and I may need to rent out our home for a while due to a career opportunity. As we will be away for no more than twelve months would we need a consent to let our house. We already have a Perenna mortgage. Is there any criteria for consent to let that the property or individual has to meet?
- Me and my wife purchased a property in 2006 on shared ownership basis, I own 50% by way of mortgage and rent the other half. Last year I bought a new property. I rented out my first house and moved to my new home. I gained consent to let from my lender and I was under the assumption I had consent to let from the housing association. Last week I had a letter from the housing association advising they had nothing on record indicating I had attained consent to sublet. What do I do now?
- My husband and Iwould like to let the family home and purchase another. What do I need to show Perenna to get consent to let?
- Just curious as to whether it is possible if you own one property with consent to let from Perenna, to purchase another with a homeowner mortgage to live in. Then once the consent expires on the first property, to switch to buy to let or sell it?
- I am looking at moving overseas for work and would like consent to let from Perenna whilst I am away. Is the way forward to complete the consent to let form and mail it to Perenna? Letting the property isn't to make money but to retain the property in case things don't work out
- Perenna - consent to let potential. Do you have experience of the process with this lender? Do they have a minimum period prior to changing to this and a minimum LTV?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above Perenna 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
One thing to remember when arranging a consent to let mortgage with Perenna is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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 to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under 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 commencing legal proceedings against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Perenna your property may be repossessed