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.
Frequently asked questions relating to Penrith Building Society consent to lease
- My query does not relate to consent to let, I was hoping that you have an contact details for a dedicated Penrith Building Society help desk who processes consent to let applications. Penrith Building Society has a mortgage over my house.
- I am looking for some precautionary advice as to whether consent to let is a feasible option. I bought my apartment 8 months ago by porting an existing Penrith Building Society mortgage product. My fixed rate expired three months ago. I'm currently considering moving in with a new partner who has his own property and mortgage also with Penrith Building Society, which I would not seek to be added to. I don't wish to sell my property yet because I'm unsure of whether the new move will work out. I don't want to switch to a buy to let mortgage yet for 2 reasons: 1) I need to discover if it is a marketable property with rents higher than my mortgage payments and 2) I need to find additional capital to satisfy the 65% LTV ratio required for a buy to let loan. Ideally I would like to obtain consent to let from Penrith Building Society for 1-2 years in order to be more secure in becoming a possible landlord and to raise the capital. If at the end of the consent to let period I was unsure I would probably either sell my property or, depending on the new relationship working out, resume living there.
- I run a letting agency in Camden. If a landlord opts to rent out their property without consent to let from Penrith Building Society - have I failed in my duty of care? Technically the landlord isn't committing a crime, however, they would be breaching their agreement with the Penrith Building Society, as Penrith Building Society invariably require to be informed of any change in circumstances. If I look the other way could I be accruing trouble?
- How long after getting a new mortgage will a consent to let be likely to be given by Penrith Building Society? By way of background I bought my property in Ealing 2 years ago and am currently on a three year fixed rate. I subsequently met a guy and now we are looking at moving 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 6 months before I could seek consent to let. Is that correct?
- We have already let but only just dawned on us that Penrith Building Society should've been notified and consent to let applied for - what's the best course of action now?
- I would like consent to let on my Tower Hamlets apartment from Penrith Building Society. I will be leaving the UK for 10-12 months so wish to know if I am able to let my flat
- We have a domestic mortgage with Penrith Building Society and are considering obtaining consent to let so that we can apply for another mortgage on another property that I own on a buy to let basis. Ahead of applying it would be helpful to know the implications of making the change and any facts that we need to consider.
- Was wondering how to obtain a consent to let from Penrith Building Society who I have a mortgage with. There is an outstanding balance of 57k. The value of property is 110k. Property is in my name but my wife and I would like to purchase a garden flat in Ealing we have seen together. How do we go about this?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Penrith Building Society consent to let Advice
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 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 standard 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 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 breach of the lease. This could trigger 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 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