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.
Sample questions relating to Reliance Bank consent to let
-
I am employed by a letting agency in loc and have been ask but a prospective tenant of a property for sight of the ‘consent to let’ from the owners lender Reliance Bank. Is this a new type standard inquiry?
- Our present house in Tower Hamlets has nearly £80K equity with a home loan with Reliance Bank. It's a decent family house in a popular area and it should rent easily. We are probably moving for my husband's work and were considering holding onto the house on as an investment property - should we be swapping the mortgage to a buy to let product or should we seek consent to let from Reliance Bank?
- We have a flat in Brent which we acquired off-plan approximately eight years ago. As the family is growing we need more space. We've identified a house in Bromley that we would like to buy and want to keep the flat as an investment to rent out. The mortgage is with Reliance Bank and we've found a tenant who will pay rent which more than covers the monthly mortgage amount. The question is, can we keep the repayment mortgage with Reliance Bank so we effectively paying off our mortgage on the flat or do we have to switch to a buy-to-let product?
- I am planning to apply for consent to let from my current mortgage provider Reliance Bank. A colleague of mine said that he was issued with ‘consent to let’ confirmation from a different lender where conditions attached to the consent referred to an assured shorthold tenancy. Can you explain what this is?
- If I am tied into a fixed rate with Reliance Bank but am deliberating on letting out my property, is there a cost for consent to let from Reliance Bank and does the interest rate alter?
- A work promotions now necessitates that Ibe in different places a lot and in the circumstances I wish to get to grips with the procedure for applying for consent to let with Reliance Bank
- I was wondering if you are able to assist. I require consent to let from Reliance Bank and was wondering if this option would be possible for me to switch to as I need to move back home to look after my father
- I'm considering a remortgage offer with Reliance Bank and it's a strong possibility that I will need take advantage of any consent to let option if available during the fixed period. Are there any charges I should that may be applicable?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Reliance Bank consent to let information
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
Should the tenure of your property be 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 conditions are not complied with you may be in breach 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 taking legal action 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 Reliance Bank