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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.
Questions and Answers: Darlington Building Society consent to let
- I have a home loan with Darlington Building Society on a property and I wish to rent it out and rent an alternative property due to changes in personal circumstances - I want to move to a new area, and to live in a bigger house with my fiance. I sought consent to let and yesterday got a response refusing because they determined that I want to invest. I dont know what to do next. I am now at risk since I am already committed to the new property and am faced with paying both Darlington Building Society and rent, which could put me at financial risk. The matter needs to be resolved soon because a prospective tenant at the ready
- I acknowledge that I have been extremely naive in not informing Darlington Building Society that I’m letting my house out. In an ideal world I would like to do the right thing with as little consequence as possible. If Darlington Building Society says yes, is there any way of them discovering historically that the property was let without consent?
- I have just received a mortgage offer with Darlington Building Society. I am hoping to get keys in the next few weeks, however I may potentially be posted overseas for work. How likely is it for me to receive consent to let from Darlington Building Society shortly after drawing down on the mortgage. Do I have any other options?
- I have a property that's currently under shared ownership (My share is 50per cent) purchased in July 2013. I plan to go through the full purchase of the house. Me and my wife also have in mind a second house that we are looking to purchase. Mortgage in principle has been issued by Darlington Building Society. I want to know that I will be able to put the current house through consent to let as soon as the remainder share has been purchased so, that we can start the process of buying the new home
- I’m about to finish the fixed rate period of my 2 year fix with Darlington Building Society and change on to the current variable rate. Can you tell me whether consent to let from Darlington Building Society is possible, if there are fees, and if there are time limits?
- We are looking at new mortgages and also exploring the possibility of renting the property in the years to come - Is there a charge with Darlington Building Society to receive consent to let and what are the criteria?
- We are close to purchasing a flat and plan to live in it once we have renovated but we may need to let the property out but not sure what the rules are on 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
- I need to contact Darlington Building Society to enquire about letting out our home. Will they send a document to me. Can I not download this from the site?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Darlington Building Society consent to let Questions and Answers
Tax and Legal
There may be various 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 may result in 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 breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Darlington Building Society