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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 let: Q and A’s
- What information do DB UK Bank expect to to determine whether to grant consent to let. I am on a 3 year fix with them. I have never missed a payment. I am planning a move to Barnet due to surprising growth of family. My financial circumstances have not changed and in fact my salary has gone up 15% since I took the mortgage out.
- Me and my wife may be presented with an opportunity to work in a different office in the UK for a couple of months and would like to know if we can let our existing apartment. It is a 2 year fixed rate and we are seven months into the mortgage with DB UK Bank. We have lived at the property for nearly 3.5 years. The LTV is 80%. What are the chances of obtaining consent to let from DB UK Bank? What can we expect in fees etc
- I rented my house out for three years between 2009-2012 while employed overseas. I have a letter dated January 2010 from the building society granting consent to let. In the letter it clearly stipulates that the consent to let is valid for "the remaining term of the mortgage". I have not remortgaged since the letter was sent. I now plan to move house and rent out my existing house. However, my financial advisor has suggested that the 2010 consent to let letter may not be sufficient for the new lender DB UK Bank for the property I wish to buy.Your view would be appreciated
- I have a mortgage with my partner on our flat which is up for renewal 31st May. I am having to relocate to Reading for my Job in this summer. What are the chances of being able to transfer for a consent to let mortgage with DB UK Bank?
- At the moment I do not have consent to let from DB UK Bank but I would like to change to one, An opportunity has arisen which might involve me working away for two years. But want to keep my home for my return - are you able to assist?
- How do I go about getting a consent to let application form from DB UK Bank and how quickly can I get the consent?
- My GF is in the process of buying a new property in Brent and is getting a good deal as it needs some work done. We want to rent our current property for two years and come back to live. Will I be granted a consent to let by DB UK Bank?
- I am after further information concerning consent to let mortgages, potentially transferring our existing mortgage with DB UK Bank across to a consent to let one.
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 Info
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
Failure 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 provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could trigger 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 record their consent in writing.
If you do not keep up the payments on your mortgage with DB UK Bank your property may be repossessed