Need Help?
Need professional advice for your consent to let with Perenna? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Perenna consent to let: Q and A’s
- I have a residential loan with Perenna. I would like to buy a second house and my financial adviser advised me to apply for a consent to let. I was under the impression that they only grant consent to let if I have the intention to go back to my current home. Your view would be appreciated?
- I have a apartment in Hounslow with a Perenna mortgage but have not lived there for a while. My brother moved in but is there rent free. I currently live in rented premises and am looking to purchase a house. I have found a perfect property at an attractive price. I have sufficient for a deposit to use on the house I am interested in but would be hard pushed to pay enough off the old property to switch it to a BTL loan at the same time. Can I transfer the current Perenna mortgage for my old flat into a consent to let and use my savings to pay a larger deposit for the residential mortgage on the property that I am looking to purchase?
- I wish to know what the criteria is for Perenna for consent to let. I have heard various suggestions in relation to fees and rates. I need to move area for career reasons but can not sell the property due to a difficult market.
- We have a self certified mortgage with Perenna that we are having difficulty obtaining consent to let as a result of being in Hong Kong and renting out the flat from 2011 without their consent which we did not know was required. We have a 50% LVR and made overpayments of £500pm for three years so we are not in arrears. We are willing to change onto a BTL rate with them at a jacked up rate yet we haven't been given that as an option.
- I will have to move to Boston for two years, I have a house with a Perenna mortgage. Do I need to ask consent to let? Will they be cooperative?
- I already have a mortgage with Perenna, but I am going to move out for around 12 months as we need to be nearer to my partner's mum and dad. Will Perenna issue consent to let?
- I have a FTB mortgage with Perenna which is only eight weeks in but I have been moved abroad with work. Is it possible to obtain consent to let from Perenna for a mortgage that has only just commenced and I have just bought the property?
- 13 months into homeloan with Perenna due to work reasons need to relocate. Do you think I can get buy to let or consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Perenna 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
If your property is 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 breach of your covenants under the lease. This could trigger 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 Perenna