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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.
Top Five Questions relating to Penrith Building Society consent to lease
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Always on the look out for a money making scheme I am contemplating leasing out my home and make money from it whilst on vacation. It’s only for a couple of weeks. Is advanced consent to let from Penrith Building Society required?
- How straightforward is it to seek consent to let with Penrith Building Society. I am considering fixed deals and intend to reside at the property but would like to know what options are open to me if work has opportunities elsewhere for example within two to three yrs Could you let me know generally how receptive Penrith Building Society are regarding consent to let?
- A colleague recently asked for CTL from the Woolwich which they turned down as the mortgage had not been going for six months. I am about to ask for consent to let from Penrith Building Society. Will they have the same rule?
- Me and my partner hope to buy a place together. Plan is for me to get consent to let my flat from Penrith Building Society. Thinking further ahead - when my two year fixed period expires - how would it work if I wanted to refinance then?
- I currently have my mortgage with Penrith Building Society and have been for the previous twenty months and I am at present just wanting clarification as to whether gaining a consent to let is likely.
- Six weeks ago I purchased my flat and took out a mortgage with Penrith Building Society but my boyfriend has asked me to move in with him. Would I be granted consent to let?
- I have fixed rate mortgage with Penrith Building Society. I am going have to lease out my property due to necessity. Were I to apply for consent to let, will I have to pay significantly more interest?
- I have a granny flat attached to our property. Do we need consent to let this from Penrith Building Society? If so, what is the process if I would like to change my mortgage to consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Penrith Building Society consent to let information
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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them may trigger your insurance becoming invalid. 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 obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Penrith Building Society