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
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Is it possible to remortgage on a consent to let with Penrith Building Society?
- My fixed deal runs out late 2016 and I wish to fix for a further 4 years with Penrith Building Society, hopefully rates will still be low. In in next couple of years I may wish to move temporarily to a different county. How problematic is it to get consent to let by Penrith Building Society under these circumstances? Assuming that monthly rent payments would be about £300 above the Penrith Building Society mortgage payments.
- I vacated my apartment about six months ago but didn't get around to get a consent to let letter, mainly because the mortgage fix rate period is ending next month and I am considering refinancing anyway. I want to ask for the letter now, is that going to be tricky?
- My OH and I may have to let his apartment out. I am aware that I require consent to let from Penrith Building Society. We plan on joining a landlord association if we go ahead and let the flat, but which one should we join? We've seen the RLA and National Landlords Association.
- I have separated from my ex and we have moved back in with our respective parents and plan to divorce. What do I have to do to get Penrith Building Society to give consent to let the property out to tenants?
- If I let my property with consent to let from Penrith Building Society will there be any rate increase? I am currently on a fixed rate for two years.
- As a result of career opportunities I will be relocating to Scotland and would like to let out my flat temporarily, please let me know what steps I need to take in order to achieve consent to let from Penrith Building Society?
- I wishing to obtain consent to let for my house as I am moving out for four months currently fixed Penrith Building Society mortgage with three years which is up on December next year.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider 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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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