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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
- Contracts were exchanged last month with a developer for a property in which I was going to live in, but my boss has offered me a posting abroad for three years, can I let the new property with consent to let from Darlington Building Society.
- I have a Darlington Building Society mortgage with my twin and am looking to move on and get a new mortgage with my partner. How should I proceed with leasing out my room? Is consent to let required via Darlington Building Society? My twin will remain in the apartment
- I moved out of my apartment about five months ago but didn't get around to get a consent to let letter, partly because the mortgage fix rate period is ending in a couple of months and I am considering getting a new mortgage in any event. I want to ask for the letter now, is that going to open up a Pandora’s box?
- I got a normal mortgage with Darlington Building Society last December and then had to relocate for work, I am now looking to leasing my flat out for a few months whilst I am away. What are my chances of obtaining consent to let from Darlington Building Society, and what effect would this have?
- So this is the scenario: I am moving to Spain to start a new job. This might be for a number of years. Nevertheless I will be on a four month probation period .I'm wanting to know the criteria for consent to let from Darlington Building Society and any costs involved
- Is consent to let a cost efficient way of renting out your property? Isn't this a loophole for some people to exploit?
- About to remortgage my home but I will potentially moving out in the near future and would be looking to let it out. How quickly can you get consent to let from Darlington Building Society?
- We are interested in more information about consent to let from Darlington Building Society. Would an acceptable reason be issues with neighbours and the house is too big for me to run at this moment in time?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above Darlington Building Society 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
If 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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could trigger 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 Darlington Building Society