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 would like to let my existing house as I wish to purchase a bigger house for the family. I have a mortgage with Darlington Building Society. Provided I get the consent to let as I understand banks are more than likely to push me towards getting BTL mortgage when the fixed term comes to an end. Could I refinance after two years with an alternative lender? What implications does that have apart from the higher rates - will I need a greater equity ratio in the property too ie lower loan to value?
- The hope is to move house. My question is whether consent to let will be given on my house for me to subsequently obtain a loan offer for the new house so I can effectively bid chain free and then rent my house out once I move. Does Darlington Building Society grant consent to let for 12 months? If so, and the rental goes well can the consent to let time limit be extended?
- For two years now I have been with Darlington Building Society and have just re-fixed the mortgage rate. The LTV is about 30%. Unfortunately we need to move into my mum’s home to look after her, it would preferable to let our house out - do I need to seek consent to let from Darlington Building Society and is it likely to cost much?
- I took a home loan out on a 2 bed flat last May however I will be working outside of commuting distance of Islington for the foreseeable future 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 intend to return to Islington 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 ?
- My lender refuse to grant consent to let without a move in date confirmed with a tenant. How can I confirm this in the absence of consent to let? I am not certain but I vaguely recall my friend had a similar issue with Darlington Building Society.
- Should I decide to apply for consent to let from Darlington Building Society how much time does it take to get consent to let after you apply to Darlington Building Society. ?
- I was just wondering if Darlington Building Society were picky when considering consent to let. I sent my request on date and I am waiting to hear back. Should I start chasing or wait for a bit longer?
- We have a mortgage with Darlington Building Society at the moment and just enquiring about the procedure for getting a 'consent to let'
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Darlington Building Society consent to let Questions and Answers
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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 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 taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Darlington Building Society your property may be repossessed