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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
- I have a residential mortgage with Reliance Bank and will be joining the Royal Fleet Auxiliary in March. This is a civilian manned fleet run by the Ministry of Defence. I will be at sea four months on and three months in the UK. During my time on assignment I want to rent out my house in Sutton and move in with my parents when on shore. What's involved in getting consent to let? Can it be granted? and does it involve an increase in interest rates?
- A friend of mine has let her house off the same landlady for nearly three years. Over the last twelve months my friend has been getting letters from Reliance Bank (it is apparent from the envelope). To begin with she forwarded them to her landlady's address. I was a bit suspicious as none of her landlady's mail was supposed to be going there. I decided to go to my friends house and called Reliance Bank on her behalf. The guy I called at Reliance Bank asked all sorts of questions, the landlord’s name her current address, the tenant's name and then said they were going to look into whether she could legallylet out the property or if it was an offence without consent to let. What does this mean for my friend?
- My wife and I bought a house in 2006 with the help of a housing association, I own half by way of bank loan and rent the remaining half. Three years ago I bought a new house. I let out my first house and moved to the new property. I gained consent to let from my lender and I thought I had consent to let from the housing association. Earlier this week I had a phone call from the housing association saying they had nothing on record to evidence I had their consent to sublet. What do I do now?
- Me and my wife are the registered owners of a apartment in Leeds and will be relocating to Amersham at the beginning of January. I have a letting agency and tenant ready. I was planning to keep quiet as I'm afraid Reliance Bank will say I have to change my mortgage rate over to a buy to let and am unable to afford that. I appreciate that it would be preferable to secured a consent to let via Reliance Bank but am afraid if I show my hand it would lead to a whole host of problems
- What is the longest period that Reliance Bank is willing to grant me the Consent To Let for?
- I'm thinking about letting my property on a homeowner mortgage with Reliance Bank what is the procedure for getting consent to let?
- I am thinking about renting out my house via a consent to let from Reliance Bank, what charges are likely to be incurred?
- Would you be able to help me? What do we need to do to get consent to let from Reliance Bank? And how much equity is needed?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Reliance 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
One thing to remember when arranging a consent to let mortgage with Reliance 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 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 breach 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with Reliance Bank your property may be repossessed