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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.
Frequently asked questions relating to Danske Bank consent to lease
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My mortgage is coming up for renewal with Danske Bank. The property has been sub-let for a couple of years and I now realise that I should come clean toDanske Bank. My understanding is that I should seek consent to let, but since the property has already been let out could they deny - insist I go onto a BTL rate or even apply a penalty? There is excellent equity - 30% LTV and have never missed any payments.
- I completed on an apartment last year with a Danske Bank home loan but now wish to put my flat up for rent. I have got parking issues there. Will Danske Bank grant consent to let?
- I have recently applied for consent to let from Danske Bank, but it would be useful to know if they pose any stipulations on the level of rental yield?
- I wish to let my existing house as I wish to purchase a bigger house for the family. I have a mortgage with Danske Bank. On the basis I get the consent to let as I understand lenders 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 a different lender? Will it have to be buy to let mortgage and not a homeowner mortgage?
- How much of my loan allowance will be made available to draw down on if I convert my mortgage to a consent to let with Danske Bank?
- I would like to know the criteria for consent to let from Danske Bank and any costs to be incurred. Last week I moved in with my partner and have a colleague renting from me.
- I have a question I'd like to ask...if consent to let is given by Danske Bank would it usually be subject to a time limit, such as one year?
- Danske Bank - consent to let potential. Do you have experience of the process with this lender? Do they have a minimum period prior to changing and is it possible that I would be required to make a cash injection to reduce the LTV?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Danske Bank consent to let Info
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
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 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 violation of your covenants under the lease. This could potentially result in 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 Danske Bank your property may be repossessed