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Need professional advice for your consent to let with Darlington Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Darlington Building Society consent to let: Q and A’s
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I have been letting out my flat with "consent to let" from Darlington Building Society on a residential mortgage for the last two years. Darlington Building Society have put forward an ultimatum revoking consent to let unless we move across to one of their "buy to let" loans.
- I accept that I have been most foolish in not informing Darlington Building Society that I’m renting my studio flat out. My most recent tenants have left the place in a mess and I need to claim on malicious damage. I’m concerned that my insurer will contact Darlington Building Society, and secondly if they do inform them, what are they likely to do given the lack of consent to let?
- We have just sorted our rates for another fixed five years with Darlington Building Society. Subsequently, I went to an interview and basically I accepted the job offer in Hillingdon. I'm going to rent a one bed flat for the family in Barnet as we don't wish to sell the house whist there is a possibility that we come back within a couple of years.... We really have no idea whether it will go. We have contacted Darlington Building Society but we would like also your take on the situation. How is it to have a consent to let in that case as we just got a fixed 5 years rate we would not want to lose this rate.
- I have a self contained flat attached to my house that my father has vacated. As my property is large I was thinking to move into the annex and rent the rest out. This is also due to change of circumstances. Would I require consent to let from Darlington Building Society?
- We have tenants ready to move in and I have mortgage offer from Darlington Building Society on new house on condition of consent to let for original house. How long should it take to receive letter once I send back a completed application with cheque.
- I have a leasehold flat. I would like remortgage with Darlington Building Society and either change to buy to let or consent to let. I'm still within the redemption penalty period so not sure if I would need to pay that?
- Is consent to let required from Darlington Building Society if I am intending to reside in the apartment myself for half of the year? In addition if I receive consent to let for a period of time, say up to twelve months, what happens after that.
- I need to contact Darlington Building Society to enquire about renting out my house. Do they post a document to me. Is there a form I can download?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Darlington Building Society consent to let information
Tax and Legal
There may be various 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
Where 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 inform 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 provisions in the lease may prevent you from letting or require that you to have a license to do so from 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 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 Darlington Building Society your property may be repossessed