Need Help?
Need professional advice for your consent to let with DB UK Bank Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
DB UK Bank Consent to Lease Example Support Desk Enquires
- I had a chat with a IFA friend last month. She said that were I to decide to move abroad with my job for a period then I should not apply for consent to let from my lender (DB UK Bank) until at least two weeks before I plan to rent out the house. Am I to understand that I have to find a tenant first and then obtain a consent to let?
- How long must one be the registered owner of a property before one is eligible for consent to let with DB UK Bank? On the basis that it is granted, can it be revoked months later?
- As we are relocating and unable to sell our property, we are considering letting it out. Am I required to disclose this to DB UK Bank? If we do, I think they will want to change our mortgage to buy to let and increase rate which we can't afford. I was thinking that as long as I continued making my monthly payments it shouldn't be a problem, but am now worried about insurance consequences if we haven't got consent to let. Any thoughts?
- My wife have an offer accepted to buy a property, we have a deposit of between 20-25% for a standard mortgage with DB UK Bank. The small problem is we may leave the country in 2 months for work. We are going through our mortgage broker. He says if you tell this to DB UK Bank in advance you will need to get a buy to let. Do go ahead with residential mortgage with DB UK Bank, in a couple of months seek consent to let? Alternatively, do we try and speak to DB UK Bank now and disclose there is a possibility we will move abroad in the future (I have not signed anything as yet to move abroad) and see if they agree in advance that it should not be a problem
- I am looking for information on the requirements that DB UK Bank set for consent to let? Are you able to help?
- I am looking at moving overseas for work and would like consent to let from DB UK Bank whilst I am away. Is the way forward to complete the consent to let form and mail it to DB UK Bank? The point of renting the property isn't to make money but to retain the house in case things don't turn out as well as we hope
- I am currently in the process of getting a mortgage through DB UK Bank - I foresee that in the coming months I may decide to let out the property - how would I switch the FTB mortgage to a buy to let mortgage?
- Are you aware if there is usually a required loan to value amount before DB UK Bank will give consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above DB UK Bank consent to let Advice
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 DB UK Bank 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 provisions in the lease may prevent 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 trigger 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with DB UK Bank