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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.
Questions and Answers: Penrith Building Society consent to let
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Jennifer (my wife) and I may need to lease our Redbridge home temporarily due to a career opportunity. This will be short-term but perhaps for 2 years. Must I notify Penrith Building Society or am I best advised to just keep quiet?
- I wish to rent out my current property as I wish to buy a bigger house for the family. I have a mortgage with Penrith Building Society. Provided I get the consent to let as I understand banks are more than likely to push me towards getting BTL mortgage when the fixed term comes to an end. Could I remortgage after a couple of years with another lender? Will it have to be buy to let mortgage and not a homeowner mortgage?
- In the coming months I am looking to move home and I am wondering if I can get consent to let on my house then get a mortgage approval for the new house so I can put in an offer thus being chain free and then let my property out once I move. Is it likely that Penrith Building Society grant consent to let for 12 months if they know I am looking to buy somewhere else or only where one is relocating short term with work?
- My husband and I a house in Leeds and will be relocating to Bristol at the end of March. I have a letting agency and tenant now. I was proposing to leave everything as it stands as I'm concerned Penrith Building Society will say I have to change my mortgage rate for buy to let and am unable to afford that. I appreciate that it would be preferable to gain a consent to let via Penrith Building Society but am afraid if I show my hand it would result in a whole host of issues
- How much of my loan allowance will be made available to draw down on if I change my mortgage to a consent to let with Penrith Building Society?
- I am potentially moving in with my girlfriend at her home and would like to rent out my property that I purchased last summer, I'm just not sure of the process as my property is my first home. What hoops do I need to jump through to gain consent to let from Penrith Building Society If I obtain consent will my mortgage payments go up?
- I am relocating for work for as long as a year... I was wondering if I was able to obtain from Penrith Building Society consent to let the house out while overseas as I am reluctant to leave it unoccupied for that period
- Me and my OH and I would like to rent out my apartment to be closer to my daughter's uni and take care of my father. Do I need consent to let from my lender Penrith Building Society?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Penrith Building Society consent to let Questions and Answers
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
One thing to remember when arranging a consent to let mortgage with Penrith Building Society 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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 Penrith Building Society