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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
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Exciting times as my husband and I plan to return to Dubaiin Month, possibly short-term but it could be longer term. We have just applied to Darlington Building Society to obtain consent to let out the home in Darlington Building Society. I have had a mortgage with Darlington Building Society for Six years and the account is up to date with no current arrears. Darlington Building Society say, that even if they give permission, that this will be limited for a single year. After the year is up what happens next?
- I am looking to get a consent to let from Darlington Building Society as my personal circumstances have altered. My stepdaughter started college and I felt we would move nearby and chose to purchase a house rather than spend the money on renting. After having bought the house there has been breakdown in my relationship with my my step daughter and she won't live there. Since the whole idea was for her and the house location isn't so ideal for my work I would like to leave and rent out the property
- My partner and I purchased a flat in Newcastle and will be moving to Amersham at the beginning of March. I have a letting agency and tenant now. I was proposing to keep quiet as I'm afraid Darlington Building Society will say I have to change my mortgage rate over to a buy to let and am unable to afford that. I would like to gain a consent to let via Darlington Building Society but am afraid if I open Pandora's box it would lead to no end of issues
- We took a mortgage out on a one bedroom apartment in August however I will be working outside of commuting distance of Hounslow in the medium term but hope to find work closer in the long term. Given that I recently acquired the property I will lose money if I sell and do plan to return to Hounslow so would like to keep it. How difficult is it to get consent to let from Darlington Building Society and what are the financial implications ?
- I have a mortgage with Darlington Building Society and am considering letting it for three months while on holiday. Will Darlington Building Society consent to this?
- If I am tied into a fixed rate with Darlington Building Society but am thinking of letting out my property, is there a fee for consent to let from Darlington Building Society and does the interest rate increase?
- I would like some guidance on how best to approach my mortgage provider Darlington Building Society regarding a 'Consent-to-Let' application. Is this a task you can assist me with ?
- I have only recently completed my mortgage with Darlington Building Society since when my boyfriend has proposed and we are deliberating whether to live in his house or mine. Would I be allowed consent to let if I decided to move in with him
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting 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 null and void. 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 terms are not adhered to you may be in violation of 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Darlington Building Society