Need Help?
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.
Frequently asked questions relating to Darlington Building Society consent to lease
-
Can a new mortgage be taken on a consent to lease with Darlington Building Society?
- I was just seeking advice on whether I will be allowed to change a residential mortgage with Darlington Building Society to a consent to let. It will be less than 70% ltv and it would alter from capital and interest repayment to interest only?
- I'm six months into a two year fixed mortgage with Darlington Building Society. The LTV is just 50%. I've identified a really good deal on a one bedroom apartment in Croydon which I don't want to miss. It seems the only way I can get this other property is to release most of the remaining equity. I'm thinking of letting the current property which would adequately cover the mortgage with Darlington Building Society. Is it possible to obtain consent to let from Darlington Building Society and ask for additional borrowing after it's rented?
- I have an annex that my father is planning to move out from. As my property is large I was thinking to move into the annex and let the remainder out. This is also due to change in my personal situation. Would I require consent to let from Darlington Building Society?
- Is it possible that Darlington Building Society would have an internal record as to whether consent to let was granted for a specific property?
- I have had my mortgage with Darlington Building Society for the previous twenty months and I am at present just wanting clarification as to whether gaining a consent to let is likely.
- I am looking at some alternative lifestyle. I have a Darlington Building Society mortgage, if I become a Australian resident but wish to rent my UK house, do I need to get consent to let from Darlington Building Society to do this ?
- I am looking at taking a job overseas and have been advised that I need to let Darlington Building Society know so my mortgage is under consent to let? Please could you clarify the best way to go about this?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Darlington Building Society consent to let Questions and Answers
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
One thing to remember when arranging a consent to let mortgage with Darlington Building Society 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 regular 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
Leasehold properties
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you to have a license to do so from 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 inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Darlington Building Society