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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
- I've got an existing homeloan with Darlington Building Society for almost twenty four months and the fixed rate is about to be renegotiated. We are thinking of releasing equity from our existing home to enable us to acquire a bigger house and then rent out the existing garden flat. The initial advice we received was that we ought to get a new residential mortgage allowing for consent to let - can you clarify what is involved?
- I am with Darlington Building Society and just had to apply for consent to let, but it would be useful to know if they have any stipulations on the level of rental yield?
- For four I have a I have had a mortgage with Darlington Building Society. My other half has recently acquired a house in Haringey and he has asked me to move in with him. Is it possible for me to rent out my apartment with consent to let in case I need to move back? Also what legal paperwork must I provide Darlington Building Society with when completing the consent to let form?
- My gf and I might have to lease out her flat, and I have a query regarding getting authority to do so. I know I need to notify Darlington Building Society and get a consent to let or move to a BTL product. Given that the property is leasehold do we need consent to let from the residents association?
- I wish to let out a room in my house in Newham. Do I require consent to let from my lender Darlington Building Society?
- Am I required to wait for consent to let to be granted on my prevailing residential mortgage with Darlington Building Society before applying for a resi mortgage on a new property?
- I have a domestic mortgage with Darlington Building Society, and I would like to rent the house out, until I decide whether to sell or keep it as an investment. As things stand I am on the standard variable rate. Will I need to remortgage? I.E. buy to let?
- Me and my partner am looking into the option of renting out my house with consent to let from Darlington Building Society whist away travelling for four months
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 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
Omitting 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
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from 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
Failure 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