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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
- Existing apartment valued at £275,000. Darlington Building Society mortgage owing £25k with six years to run. Get consent to let from Darlington Building Society for current property and use rent to pay off what is left of mortgage. Take out 65 % Darlington Building Society loan on second house that I will consider to be my primary home? Is this feasible?
- I would like to let my current house and want to buy a bigger house for the family. I have a mortgage with Darlington Building Society. 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 remortgage after a couple of years with a different lender? What ramifications does that have aside from the higher rates - do I need a greater equity portion in the property too ie lower ltv?
- I applied for consent but I did not get it as I did a remortgage in September but Woolwich does not give consent if mortgage is less than 6 months old. Now I am worried when 6 months is gone are they going to find some other criteria that will not be ok. As a backup plan I can remortgage with Darlington Building Society but will they give me consent straight away?
- I am planning to rent out my flat for a year from 26th September 2016. Is there a standard format for a letter I can use to send to Darlington Building Society to seek consent to let.
- What is the process for getting a consent to let application form from Darlington Building Society and how quickly can I get the consent?
- Me and my partner have a mortgage with Darlington Building Society but am informed they have a policy that they refuse to issue consent to let the property to a local authority. Is this true and if so, is there a way round this?
- I am considering relocating with work and would need to rent my property out. I have a mortgage with Darlington Building Society. My property is worth approx £185k and owe £48k on it. How likely is it that Darlington Building Society increase my mortgage rate?
- I have a mortgage with Darlington Building Society. I am thinking of moving out and leasing out my property. Do I need a consent to let ?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental 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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could trigger 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Darlington Building Society