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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.
Top Five Questions relating to Darlington Building Society consent to lease
- Under what situations will consent to let for a property be given from Darlington Building Society? For what period of time do you have to have had the mortgage before consent to let can be negotiated with Darlington Building Society? By way of background I am a young dentist in an apartment purchased five months ago. A dream job offer requiring moving to a different city permanently has arisen. I would be interested in obtaining consent to let initially to be able to put a tenant in it to offset the expense of the Darlington Building Society mortgage.
- I am looking to get a consent to let from Darlington Building Society as my personal circumstances have changed. My stepdaughter started college and I concluded that we would move to the area and opted to purchase a property rather than rent for 3 years. After having bought the house there has been serious deterioration in my relationship with my my step daughter and she won't live in it. Since the whole point was for her and the house location isn't so ideal for my work I would like to move out and rent out the property
- For a variety of reasons I am planning to move in with my girlfriend next summer and I have let my property out to two students on a twelve month tenancy. The application for consent to let from Darlington Building Society is in hand but what if they decline. I can’t rescind on my contract in terms of not renting the students as the paperwork is finalised. On the other hand Darlington Building Society could sue me for contravention of a condition i.e. renting it out without consent to let.
- We are in need of a larger house so our kids don't have to bunk together. We are thinking about buying another house in a few years time. Our house was valued at £155,00 and we have about £70k remaining on the Darlington Building Society mortgage. We would ideally like to keep this house as an investment property and lease it out with consent to let. Is it possible to get a mortgage on two properties at the same time or do we first need to redeem our current mortgage?
- Were we to ask for a consent to let letter from Darlington Building Society will we be required to convert to buy to let mortgage? Our mortgage is with Darlington Building Society and as properties are not selling at the mo and we have seen one we like we were leasing our home out in order to purchase the new and dispose of this one when the value improves.
- I am looking to get consent to let on my Bexley maisonette from Darlington Building Society. I will be going abroad for a period of time and so want to know if I can rent out my apartment
- How much of my loan allowance will be made available to borrow if I switch my mortgage to a consent to let with Darlington Building Society?
- I would like to let my flat for three years at most. I would like to know if I could have a consent to let from my existing mortgage lender Darlington Building Society?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Darlington Building Society consent to let Info
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 Darlington 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 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
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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Darlington Building Society