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Need professional advice for your consent to let with DB UK Bank Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
DB UK Bank consent to let: Q and A’s
- Next month I will be emigrating to Dubai. As opposed to sell my house, I would like to lease it out, just in case things don’t pan out. My present mortgage is with DB UK Bank. If I applied for a remortgage would a new lender view this as me looking to dodge a Buy To Let mortgage, of which there is very little availability for 80% LTV, and therefore reject my application for Consent to Let?
- Where is the DB UK Bank consent to let form on your site I couldn't find it on the web.
- Am I required to notify DB UK Bank of my intention to take in a lodger. I have two spare rooms that could be used by lodgers and I was thinking that as the occupancy remains in keeping with that of the 'family' use of the property it might not require consent to let. Can you help clarify? I am taking independent advice on the insurance, legal and tax ramifications.
- We are planning to release equity in my current house to purchase an additional property which I propose to live in whilst I refurbish. I would like to rent my first property with the DB UK Bank mortgage. I was just seeking a general view on whether DB UK Bank currently allows consent to let? House is worth £450 k with a £200k mortgage in place.
- We have already been told to write a letter to DB UK Bank to obtain consent to let, I'm just trying to find some guidelines on the letter? What I should or shouldn't include?
- I'm thinking about letting my property on a residential mortgage with DB UK Bank what is the procedure for getting consent to let?
- I would like to rent out my flat to be nearer to my daughter's college and look after of my mother. Do I need consent to let from my lender DB UK Bank?
- Do you know whether there a time limit on a consent to let from DB UK Bank? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
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General Advice to read in supplemental the above DB UK Bank 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
One thing to remember when arranging a consent to let mortgage with DB UK 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
If your property is 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
Neglecting to advise 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 DB UK Bank your property may be repossessed