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.
Top Five Questions relating to Penrith Building Society consent to lease
-
For the last few months I have been letting out my flat in Sutton. I didn't seek consent to let. I moved to Ashford for work and was unable to cope with the traveling but was nervous that Penrith Building Society would charge me silly money so I decided to take the risk. I'm hoping to do the right thing now... basically carry on letting it but with consent. What course of action do I take now?
- What information do Penrith Building Society need to have to make a decision on consent to let. I am on a three year fix with them. I have a good track record of mortgage payments over several years. I am looking at moving to Harrow owing to the family getting bigger. I will be sticking with my current job and my salary has gone up thirty per cent since I applied for the mortgage out.
- How difficult is it to get consent to let from Penrith Building Society. I am considering fixed deals and plan to live there but want to understand what options are open to me for example - if a job elsewhere was attractive or for a year overseas.. Please let me know how challenging it is in your experience with Penrith Building Society?
- I have a mortgage with Penrith Building Society however my husband and I will be relocating to the US in September. The mortgage is in my name yet it is my husband's job that is taking us abroad how do I answer the question: 'please indicate why you wish to let the property':
- When it comes to consent to let from Penrith Building Society am I supposed to inform them every time we get a new tenant and post them a duplicate of the AST?
- I am looking at moving overseas for work and would like consent to let from Penrith Building Society whilst I am away. Is the way forward to prepare a letter requesting consent to let and mail it to Penrith Building Society? The point of renting the property isn't to make money but to keep the property in case things don't work out
- I am looking to Penrith Building Society to grant consent to let out my studio flat in Haringey. I am moving to Holland for 8 months on a secondment.
- Just wondering if I would be able to get consent to let from Penrith Building Society in order to move back in with my mum and dad for a year or two and conserve some money on the lease extension for my flat?
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 Questions and Answers
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
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
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 terms are not adhered to you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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