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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 currently have a mortgage with Darlington Building Society and I am thinking of purchasing a home with my fiance. It's her council property on a right to buy scheme. Would it be possible to switch my Darlington Building Society mortgage to let out my existing property in Bexley even though the property is currently in negative equity.
- Just contacting you on behalf of a relative who has a mortgage with Darlington Building Society. He asked me to find out if there is a charge for granting consent to let? He has been offered a job 200 miles away and wishes to rent out his apartment in the meantime.
- I am two years into a 5 years fixed rate mortgage and intend to take a job abroad so would like to rent out my property for two years. My equity is around seventy per cent. Can you tell me if Darlington Building Society will load the interest rate for consent to let for two years?
- I rented my house out for three years from 2010-2013 while employed in New York. I have a letter dated June 2010 from the mortgage company granting consent to let. In the letter it explicitly stipulates that the consent to let is valid for "the remaining term of the mortgage". I have not remortgaged since the letter was issued. I now plan to move house and rent out my existing house. However, my IFA has suggested that the 2010 consent to let letter may not be sufficient for the new lender Darlington Building Society for the house I intend to purchase.Can this be right
- My partner and I were curious as to whether it is possible if you own one property with consent to let from Darlington Building Society, to purchase another with a residential mortgage to live in. Then once the consent expires on the first property, to convert to buy to let or sell it?
- A work promotions now necessitates that Ibe in different places a lot and as such I wish to get to grips with the procedure for seeking consent to let with Darlington Building Society
- I have a mortgage with Darlington Building Society but am wanting to rent my house out and move in with my girlfriend and baby what would I have to do to get consent to let?
- What happens if I have already let the property for a number of years as an HMO and now wish to legalise the situation with Darlington Building Society by getting consent to let ? (assume Darlington Building Society had previously given a homeowner mortgage on it some time ago)
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting the above Darlington Building Society 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
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 standard 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
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 terms are not adhered to you may be in violation of 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 taking legal action against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Darlington Building Society your property may be repossessed