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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.
Questions and Answers: DB UK Bank consent to let
- For 8 I have a I have had a mortgage with DB UK Bank. My partner has purchased a property in Lewisham and I have the chance to live with him. Can I rent out my property with consent to let in case I need to move back? Also what legal paperwork must I provide DB UK Bank with when completing the consent to let form?
- Much to my surprise I have been offered an excellent career opportunity for 6 months abroad. I have enough savings to meet the monthly DB UK Bank mortgage yet the buildings insurance stipulates that the property must be occupied in order not to be invalidated. Last winter the roof had some leaks that were repaired. Should there be any problems through the winter months I would find it hard to cover the repair costs. How likely is it that I will get consent to let by DB UK Bank for a limited period?
- A colleague recently asked for CTL from the Woolwich which they refused because the mortgage had not been going for six months. I am about to request consent to let from DB UK Bank. Do they adopt the same rule?
- Meeting with my financial adviser on tomorrow. I will seek Consent to Let from my current lender DB UK Bank. My new property in Wandsworth will be 75% LTV. I have been told by a friend that some lenders turn away consent to let customers and I may have issues regarding my new mortgage. Am I likely to encounter this problem?
- How easy is it to obtain a consent to let from DB UK Bank and what will it cost me? If I want to let out my property for a couple of months how simple is it to chop and change between a owner occupier mortgage and consent to let?
- If I am tied into a fixed rate with DB UK Bank but am deliberating on letting out my property, is there a charge for consent to let from DB UK Bank and does the interest rate alter?
- Do DB UK Bank offer consent to let? I am just considering this in order to move house in the the near future
- Is there a time limit on a consent to let from DB UK Bank? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above DB UK Bank consent to let Advice
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 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 regular 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 trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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 DB UK Bank