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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.
Darlington Building Society consent to let: Q and A’s
- I wish to buy a second house having recently purchased a maisonette on normal mortgage. Plan to purchase in a few months time. I am told that I may need consent to let from Darlington Building Society, my existing mortgage provider? What is the best way to go about this and gain the permission needed.
- I understand the GGT financial repercussions if any of switching a Darlington Building Society mortgage to consent to let, but what about the ongoing rental earnings vs expenses? Say I have converted my former owned garden flat into CTL and vacated and pay rent elsewhere. Is there any way to expense the rent I am paying from the rental revenue?
- How easy is it to change a residential mortgage with Darlington Building Society to a consent to let. It will be less than 55% ltv and it would change from repayment to interest only?
- For a couple of years now I have had a mortgage with my partner on our property which is up for renewal 12th October. I am having to move to Reading for my company in this summer. What are the chances of being able to transfer for a consent to let mortgage with Darlington Building Society?
- Last month I got married and I am in the process of buying out 100% of my co-ownership mortgage with my wife. As a result we have now been given a 90% loan to value on our house. We want to buy a larger place. Will it be possible to get a consent to let on my new mortgage with Darlington Building Society to allow us to get a mortgage also with Darlington Building Society for a new home?
- I am looking to Darlington Building Society to grant consent to let out my basement flat in Southwark. I am moving to Holland for 5 months on a secondment.
- I would like to rent out my home for three years max. I would like to know if I could have a consent to let by my current mortgage lender Darlington Building Society?
- What, if any, income requirements do Darlington Building Society set for consent to let on an existing domestic mortgage?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Darlington Building Society consent to let Advice
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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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