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Need professional advice for your consent to let with Danske Bank UK? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Need professional advice for your consent to let with Danske Bank UK? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Soon to be packing up as my better half and I will move back to Tokyoin Month, perhaps temporarily but conceivably longer term. I have contacted Danske Bank for consent to let out our property (we have already found tenants). I have been with Danske Bank for 7 years and no payments have ever been missed. Danske Bank tell me, that even if they do agree, that this will be a temporary arrangement for a single year. After the year is up what happens next?
The purpose for wanting to let out the property are as follows: -
If Danske Bank agreed that we are able to proceed with renting we would suggest some financial assurances to include: -
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.
One thing to remember when arranging a consent to let mortgage with Danske Bank is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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
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 restrictions are not strictly observed you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Omitting 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.