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.
Common questions relating to Penrith Building Society consent to lease
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Frank (my fiance) and I may need to rent out our Brent home temporarily due to me taking a sabbatical. This will be temporary but perhaps for three years. Should I tell Penrith Building Society or am I best advised to just keep quiet?
- I have been granted consent to let via Penrith Building Society for a while now but they now wish to speak to me and I suspect their motivation is to rid themselves of me. Can you help?
- Me and my fiance and I may need to rent out our home for a while due to a career opportunity. As we will be away for no more than twelve months would we need a consent to let our house. We already have a Penrith Building Society mortgage. What costs are levied and is there a time limit on consent to let?
- Is it right that lenders (I have a mortgage with Penrith Building Society) have changed tune and are now adopting a more accommodating approach towards consent to let? A mortgage adviser recently mentioned to me that BTL mortgages are not regulated by the FCA whereas residential mortgages are. Therefore if I switch from a residential to a Buy to let I am moving to a regulated product. His belief was that under the current regulation banks are reluctant to allow customers do this, which is likely why some banks will allow borrowers obtain consent to let but not transfer to a BTL product. Is he an accurate assessment?
- As of today I have a mortgage with Penrith Building Society. I am considering renting and purchasing another property but this is all new to me. What is the procedure for consent to let?
- I am considering moving in with my girlfriend but prefer not to sell my place. What is the process for applying for consent to let from Penrith Building Society, and how likely is it that this will be issued?
- I am going away for work for up to a year... I was wondering if I was able to get from Penrith Building Society consent to let the property out while abroad as I am reluctant to leave it empty for that period
- I was wondering if you are able to help. I do not have consent to let from Penrith Building Society and was wondering if this option would be possible for me to switch to as I have to move back home to look after my father
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further 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
One thing to remember when arranging a consent to let mortgage with Penrith Building Society is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 conditions are not complied with you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Penrith Building Society your property may be repossessed