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Need professional advice for your consent to let with DB UK Bank Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
DB UK Bank consent to let: Q and A’s
- We purchased a property in 2008 on shared ownership basis, I own 50% by way of mortgage and rent the remaining half. Last year I purchased a new home. I let out my first property and moved to my new property. I got consent to let from my mortgage company and I thought I had consent to let from the housing association. Earlier this week I had a letter from the housing association saying they had nothing on record indicating I had attained permission to sublet. What do I do now?
- Following retirement last month I acquired a “retirement home” for my wife and myself to live in. Our intention is to let our current property to our son and I have therefore contacted DB UK Bank for consent to let. I was just seeking a general view on whether DB UK Bank currently allows it?
- My mortgage is with DB UK Bank and wonder if I am required to disclose if we no longer reside in my house. I fear that they could up the interest rate if we move and let it out but it's not very obvious what the change would be. Should I decide to lease my property out and apply for consent to let how would the payments increase?
- I understand that this is a breach of DB UK Bank terms and conditions of mortgage if I lease out my house having indicated that I intend to reside there. The aim is to redeem the mortgage after four years, by which time the property will be unencumbered, meaning I no longer require any consent to let. DB UK Bank advised me I can overpay as little as I like during the lifetime of the mortgage. I have someone who is interested in renting the property. What are the chances of DB UK Bank finding out? Can you set out connotations of not getting consent to let? From what I have read there is a possibility of DB UK Bank levying a penalty
- I am looking to DB UK Bank to issue me with consent to let out my studio flat in Merton. I am travelling for a year
- I am looking for some generic information on consent to let. I already have a mortgage in place with DB UK Bank. I have been given licence to sublet my flat from the freeholder of the block and they asked for a copy of the consent to from DB UK Bank.
- I am looking at some alternative lifestyle. I have a DB UK Bank mortgage, if I become a non-UK resident but wish to rent my UK house, ...what do I need to do to get consent to let. Can this be obtained on the phone ?
- Last month I bought a house with 10% deposit for personal uses. A homeloan was taken with DB UK Bank. But my circumstances have now changed. I am being transferred overseas. Am I able to obtain consent to let from DB UK Bank and put the house up to let?
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General Advice to read in conjunction with the above DB UK Bank consent to let Advice
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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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.
If you do not keep up the payments on your mortgage with DB UK Bank your property may be repossessed