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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.
Top Five Questions relating to Darlington Building Society consent to lease
- My fiancee and I are are looking to join the property ladder, currently renting. We would ideally like to buy a garden flat in Brent. We want to move there, but will need to wait for a job - perhaps a couple of years. Do we have to get a B2L loan? Could we have a 1st time buyer mortgage with Darlington Building Society, because we intend to move there soon? Alternatively could we reside there for a few of months, then start renting it with consent to let from Darlington Building Society? I'm only evaluating scenarios that are completely legal, and have no intention of breaching the terms of the mortgage with Darlington Building Society.
- Resulting from a redundancy we are looking to move away from Ealing and our house, potentially to a job in Sweden but that means we will want to let the property but don't want the cancellation fees of existing Darlington Building Society mortgage which will be high.Can Darlington Building Society refuse to grant us consent to let?
- I am unable to locate the form to download "consent to let" on the Darlington Building Society website. Could you please email me the URL to do it? Thanks a lot.
- I have been leasing my flat to a tenant for two years but not on a BTL mortgage as I naively considered that you only required a BTL if you had more than one mortgage. In trying to acquire a further property, I found that I should have had consent to let all along from my lender Darlington Building Society. I'm curious as to whether I can now ask Darlington Building Society for a consent to let?
- Please can you set out the process for getting a consent to let by Darlington Building Society? Are there specific policies for instance you have to live in the property for a year before its given?
- Are you aware of any leeway in the accepted equity ration before switching from an existing Darlington Building Society mortgage to a consent to let?
- Last month purchased a one bed flat in Barnet. I am first time buyer. I am moving Ireland next month, can I get consent to let from my lender Darlington Building Society or do I have to wait six months?
- Do Darlington Building Society give consent to let? I am just considering this in order to move home in the coming months
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Darlington Building Society consent to let information
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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them could result in your insurance becoming invalid. 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 obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of 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 commencing legal proceedings 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