Need Help?
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.
Common questions relating to Darlington Building Society consent to lease
- I want to explore if I can obtain consent to let on my existing property. I have a mortgage with Darlington Building Society but my situation has changed. I'm about to move in with my partner and son who have a house and more room than my 1 bed flat. I doubt I will qualify for a buy to let loan as I don't have money for a deposit nor do I earn more than £25000 per annum.
- Much to my surprise I have been offered a once in a lifetime job opportunity for eight months in New York. I do have sufficient savings to cover the monthly Darlington Building Society mortgage yet the block insurance stipulates that the property must be occupied in order not to be invalidated. Last December the roof suffered storm damage but was repaired. If there happened to be any problems through the winter months I would struggle to cover the remedial works. How likely is it that I will get consent to let by Darlington Building Society for a limited period?
- If I took out a new mortgage with Darlington Building Society how long do I have to wait for consent to let without switching from a 1st time buyer mortgage?
- I'm one year into a two year fixed mortgage with Darlington Building Society. The LTV is only 50%. I've come across a really good deal on a one bedroom apartment in Waltham Forest which I don't want to miss. It appears that the only way I can get this other property is to take out some good chunk of equity. I would let the existing property which would adequately cover the mortgage with Darlington Building Society. Can I get a consent to let from Darlington Building Society and and then seek an equity release after it's let out?
- My husband and I were enquiring if it's possible if you own one property with consent to let from Darlington Building Society, to purchase a second with a homeowner mortgage to live in. Then once the consent expires on the first property, to change to buy to let or sell it?
- We are about to buy a place and plan to live in it once we have renovated but we may need to let the property out but not clear on what the criteria is for consent to let from Darlington Building Society? We don't require a buy to let mortgage because we are not certain if we will need to let it out at all
- Assuming that I was successful in obtaining consent to let from Darlington Building Society, can I sell during the consent period? Is it possible that I would incur any penalties?
- Six weeks ago I purchased my property and took out a mortgage with Darlington Building Society but my boyfriend has asked me to move in with him. Would I be granted consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further 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
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 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
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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Darlington Building Society