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
- The plan is to move in with my partner and I have let my property out to 2 tenants on a twelve month AST. The application for consent to let from Penrith Building Society is in hand but what if they decline. I can’t rescind on my contract in terms of not renting the students as they have all signed up. On the other hand Penrith Building Society could take me to court for breach of contract i.e. letting it out in the absence of consent to let.
- Me and my wife acquired a house in Newcastle and will be relocating to Kent at the end of March. I have a letting agency and tenant now. I was planning to leave everything as it stands as I'm afraid Penrith Building Society will insist that I change my mortgage rate over to a buy to let and am unable to afford that. I would like 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
- My husband are locked into a fixed rate mortgage with Penrith Building Society for 2 yrs and have been living in the apartment for nearly half a year. Due to work I need to move so I would like to let the property out. How can I get consent to let from Penrith Building Society?
- How long after getting a new mortgage will a consent to let be likely to be given by Penrith Building Society? To give some background I purchased my property in Westminster nearly two years ago and am currently on a three year fixed rate. Not long after I met my partner and plan to move in to his place. I am planning to get a better fixed term next June. I presume that I would have to hold off for at least half a year before I could request a consent to let. Is that correct?
- Hello, what documents or paperwork would Penrith Building Society require for a consent to let letter?
- We have a new mortgage however my girlfriend doesn't feel safe in the property due to other tenants in the block. I know that many lenders have a six month thing before consent to let - does this apply to all lenders. Is there any way Penrith Building Society would allow it at the outset?
- What, if any, income criteria do Penrith Building Society set for consent to let on an existing standard mortgage?
- Do you know if there is usually a required LTV before Penrith Building Society will give consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Penrith Building Society consent to let Advice
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 to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation 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 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