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.
Questions and Answers: Penrith Building Society consent to let
-
I am employed by a letting agency in loc and have been ask but a prospective tenant of a property for sight of the ‘consent to let’ from the owners lender Penrith Building Society. Is this a new type standard inquiry?
- My fixed rate mortgage with Penrith Building Society ends 13th July. I am required to move to Manchester for my Job in March. I wish to let out the house temporarily. Can I get a consent to let the property?
- Resulting from a change in personal circumstances my wife and I are moving to my parents house while they are away and letting our flat out. We are going to need for consent to let from Penrith Building Society. Will this be issued? We will need to refinance in the next year will we then transfer to a BTL mortgage. We will 100% return to our property at within the next twelve months?
- I have a self contained flat attached to my house that my mother is planning to move out from. As the main house is large I was thinking to move into the annex and rent the rest out. This is also due to change in my personal situation. Would I need a consent to let from Penrith Building Society?
- I have split up with my wife and we have each moved into our parents house and intend to divorce. What do I have to do to get Penrith Building Society to give consent to let the property out to tenants?
- I have a mortgage with Penrith Building Society on a 2 year fixed rate. I could have chance of a teaching post abroad in 6 months time. Am I eligible for consent to let from Penrith Building Society were I to accept this job abroad?
- I need to contact Penrith Building Society to enquire about renting out our apartment. Will they send a form to me. Is there a form I can download?
- Just a quick one. Will Penrith Building Society force me into a consent to let product while I'm in a fixed rate product for 2 years?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above Penrith Building Society 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
Omitting 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 obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Penrith Building Society