Need Help?
Need professional advice for your consent to let with Reliance Bank Ltd? 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 Reliance Bank consent to lease
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I have a residential mortgage nearing refinancing with Reliance Bank. I have had the property rented out for a two years and I now realise that I should come clean toReliance Bank. I am led to believe that I can ask for a consent to lease, but bearing in mind that the property has already been rented out could they decline - determine that I go onto a BTL rate and even fine me? There is excellent equity - 30% LTV and have never missed any payments.
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I have a regular mortgage over my residence in loc and am due to relocate to country for a couple of years. During this period I want to let out my apartment. My bank has declined to grant me consent to let. It’s hardly ideal to move to a buy to let mortgage as it’s only for a short period that I am going away for.
- My granddaughter is going to work abroad for twelve months and wants to let her property out. She has a Reliance Bank fixed rate mortgage on repayment and wants consent to let the property as well as transfer to interest only. What does she need to do?
- My OH and I may have to rent his property out. I am aware that I require consent to let from Reliance Bank. We plan on joining a landlord association should we go ahead and let the property, but do you have any thoughts on which are the best? We've seen the RLA and National Landlords Association.
- We have a domestic mortgage with Reliance Bank and are deliberating on obtaining consent to let so that we can apply for a further mortgage on another property that I own on a buy to let basis. Before we apply We would be interested to know the connotations of making the change and any facts that we need to be aware of.
- I am interested in further information concerning consent to let mortgages, potentially switching our current mortgage with Reliance Bank across to a consent to let one.
- Do you have the address to which a Consent to Let request to be sent for Reliance Bank? Sorry about bothering you with this query.
- I am interested in consent to let for my home mortgaged with Reliance Bank. How do I proceed? Do I have to write to Reliance Bank and get them to agree?
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Information to consider in in addition to the above Reliance 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
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 terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Reliance Bank your property may be repossessed