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.
Sample questions relating to Penrith Building Society consent to let
- Next month I will be moving to Denmark. As opposed to sell my house, I would like to let it out, just in case things don’t go as expected. My existing mortgage is with Penrith Building Society. If I looked to refinance would a new provider view this as me trying to dodge a Buy To Let mortgage, of which there is very little availability for 80% LTV, and therefore turn down my application for Consent to Let?
- I am two years into my five year fixed term mortgage and planning to take a job abroad so would like to let my property for 2 years. My LTV is about sixty per cent. Are you able to clarify if Penrith Building Society will charge me more interest for consent to let for the period that the property is tenanted?
- My wife and I live in a matrimonial home where we have numerous vacant bedrooms. We are looking into the option of establishing an AirBnB style operation to let half the home out on a check-in and check-out basis. Do you know this is likely to be permitted under Penrith Building Society’s consent to let protocol?
- Good morning, I have consent to let my property with Penrith Building Society and am now looking to give my tenant 2 months notice as I intend to find a buyer. I am worried about the property being empty when the tenant goes and finding a purchaser. Not once have I defaulted on the account, is it likely that I would be able to take payment holidays until sold?
- What's the rules of consent to let for Penrith Building Society?
- My lender refuse to grant consent to let without a move in date confirmed with a tenant. How can I confirm this without consent to let? I am not certain but I think my friend had a similar issue with Penrith Building Society.
- I already have a mortgage with Penrith Building Society, but I will soon to need move out for around a year as we need to be closer to my wife’s parents. Will Penrith Building Society give consent to let?
- Is there a fixed or maximum term how long I could let my house out to a family member with consent to let from Penrith Building Society. I no longer want to live in the area and want to buy a new home?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with 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
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 notify them could 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
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 terms are not adhered to you may be in violation 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 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