Need Help?
Need professional advice for your consent to let with Danske Bank UK? 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 Danske Bank consent to lease
- I am a first time buyer in the process of trying to buy a flat. However I am potentially also going to be moving abroad in the near future. I have told this to my mortgage broker who has informed me as long as nothing has been signed or confirmed you can go ahead and apply for a residential mortgage with Danske Bank. Once that's complete if it transpires that I need to move abroad he said can apply for a consent to let from Danske Bank. Does that sound like the right advice?
- I have a apartment in Bexley with a Danske Bank mortgage but have not lived there for a while. My dad moved in but pays no rent. At the moment I live in rented accommodation and am looking to purchase a house. I have come across a perfect property at reasonable price. I have enough of a deposit to put down on the house I am interested in but would be hard pushed to pay enough off the old property to change it to a buy to let mortgage simultaneously. Can I change the current Danske Bank mortgage for my old flat into a consent to let and use my reserves to pay a larger deposit for the homeowner mortgage on the property that I want to buy?
- My fiance and I intend to rent our current apartment out shortly after we move. This is to be done with consent to let from Danske Bank. As of now the property is in my name but I am a top rate tax payer. Do I need to do a Transfer of Equity to her or can we enter into a Declaration of Trust?
- I am looking for our family to move to give us all more space. We are thinking about buying another house next year. The house was valued at £155,00 and we have about £55k left to pay on the Danske Bank mortgage. We would prefer to keep this house if possible and let it out with consent to let. Can you have a mortgage on two properties at the same time or do we first need to redeem our existing mortgage?
- Can you help with a question...if consent to let is granted by Danske Bank would it usually be subject to a time limit, such as one year?
- Is it the case that a prior extension to a mortgage term with Danske Bank be held against us once we sought consent to let from Danske Bank.
- I am considering relocating with work and would need to rent my property out. I have a mortgage with Danske Bank. My property is worth approx £250k and owe £57k on it. Will Danske Bank increase my mortgage rate?
- Am I required to obtain consent to let if I let to a family member (in my case my brother now lives there and contributes towards the Danske Bank mortgage)?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above Danske Bank 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 Danske Bank 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 regular 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
Should the tenure of your property be 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 violation of your covenants under 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 Danske Bank