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Need professional advice for your consent to let with Bank of Ireland (UK) plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Bank of Ireland Consent to Lease Example Support Desk Enquires
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I acquired a garden apartment in 209 for just under 200,000 with Bank of Ireland. My husband’s job requires him to relocate to Qatar and realise that I need to apply for consent to let from Bank of Ireland. Will they grant permission?
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Is consent to lease required from Bank of Ireland or can I lease out my new house without telling Bank of Ireland and having to convert to a buy-to-let loan?
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I'm about to get in touch with Bank of Ireland to obtain consent to let out my house in Bank of Ireland. However the property has been on with agents for 6 weeks but there is no interest and forking out for a full mortgage, council tax and insurance on unoccupied house is exhausting my finances. How are Bank of Ireland going to react if I have the house on the market?
- Me and my wife bought a house ten years ago on shared ownership basis, I own half via bank loan and rent the other half. In January 2013 I bought a new property. I rented out my first house and moved to my new property. I secured consent to let from my mortgage company and I believed I had consent to let from the housing association. Earlier this week I was contacted by the housing association saying they had nothing on record to evidence I had their permission to sublet. What are my options?
- My husband and I have already been told to write a letter to Bank of Ireland to obtain consent to let, I'm just trying to find some guidelines on the letter? What I should or shouldn't include?
- What information should I include in a letter asking for consent to let my house in Islington? I would like to send a request to my lender Bank of Ireland.
- I am looking into the option of renting out my property with consent to let from Bank of Ireland whist away travelling for six months
- How likely is it that Bank of Ireland force me into a consent to let product whilst in a fixed rate product for 2 years?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Bank of Ireland consent to let Questions and Answers
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 restrictions are not strictly observed you may be in violation of your covenants under 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 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 Bank of Ireland