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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.
Danske Bank consent to let: Q and A’s
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Exciting times as my better half and I will move back to Beijingin Month, possibly short-term but potentially longer term. We have just applied to Danske Bank for consent to let out our property (we have already found tenants). The mortgage has been in place with Danske Bank for three years and I am up to date with payments. Danske Bank tell me, that even if they grant consent to let, that this will be limited consent for 12 months. What happens after one year?
- A friend of mine has rented her house off the same landlord for almost one and a half years. Over the course of the last six months my friend has been receiving letters from Danske Bank (she hasn't opened them-it is clear from the envelope). At first she forwarded them to her landlord’s address. My suspicions were aroused as none of her landlady's mail was supposed to be going there. So I went to my friends house and called Danske Bank on her behalf. The lady I spoke to at Danske Bank had a long list of questions, the landlord’s details, information on the tenant and then said they were going to investigate whether she had the correct mortgage and if she didn't it was an offence in the absence of consent to let. Can you shed anymore light on this?
- What is the procedures for obtaining consent to let from Danske Bank? What evidence do they need? is there a fee to pay? Is consent generally limited in time and if so, for how long? Do I need to renew it every year? What if I obtain a consent but decide to sell the property rather than rent the property out?
- I wish to acquire a second property having recently purchased a garden flat on normal mortgage. Plan to purchase next year. I have been advised that I may have to get a consent to let from Danske Bank, my current mortgage provider? What is the best way to go about this and obtain the permission needed.
- I currently have a residential mortgage with Danske Bank and plan on letting due to work being based in Manchester. In asking for consent to let from Danske Bank do I run the risk of them forcing me to change deal to buy to let
- Is there a set or maximum term how long I could rent my property out to a family member with consent to let from Danske Bank. I no longer want to live in the area and want to buy a new home?
- Will Danske Bank issue consent to let my home? I currently have a residential mortgage, never been in arrears and have been with Danske Bank for approximately two years now. What costs am I likely to face
- Are you aware if there is usually a required loan to value amount before Danske Bank will grant consent to let?
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General Advice to read in further to 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
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 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 your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
If you do not keep up the payments on your mortgage with Danske Bank your property may be repossessed