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Need professional advice for your consent to let with Ulster Bank Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Recently asked questions relating to Ulster Bank consent to lease
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Doing everything by the book I’ve been leasing out my house with "consent to let" from Ulster Bank on a standard mortgage for the last three years. Ulster Bank have just written revoking consent to let if we do not transfer to one of their "buy to let" loans.
- Can you explain "consent to let" to me? I live in a studio flat and its in good condition. It is on the market and I can't find a buyer. This is because my neighbour is noisey. I had no choice but to put this on the disclosure form. Mortgage is with Ulster Bank on a standard variable rate. It has been suggested to me that I should get consent to let by Ulster Bank and lease the flat for a year or two.
- The plan is to move in with my partner and I have let my property out to two students on a one year AST. The application for consent to let from Ulster Bank is in hand but what if they decline. I can’t rescind on my contract in terms of not renting the students as the paperwork is finalised. On the flip-side Ulster Bank could take me to court for breach of mortgage condition i.e. renting it out without consent to let.
- I am on a three year fixed rate mortgage with Ulster Bank which began in February. I will be moving out in March and have tenants ready to lease my property. I need to get a letter from Ulster Bank granting consent to let until my term is up to allow me to start a new mortgage. What is the process for going about this?
- Please can you tell me the circumstances under which Ulster Bank would decline a consent to let application?
- I am looking to place my house on rent due to job commitments and was enquiring if this is possible to negotiate consent to let. It is on a fixed rate mortgage with Ulster Bank until 2018 September
- A work promotions now necessitates that Ibe in different locations a lot and in the circumstances I wish to get to grips with the process for applying for consent to let with Ulster Bank
- Me and my partner and I have a mortgage with Ulster Bank and would be thinking about purchasing another main residence and then subsequently renting our current house out. Do I need consent to let from Ulster Bank?
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Information to consider in further to the above Ulster 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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them may result in your insurance becoming invalid. 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
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 restrictions are not strictly observed you may be in violation 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.
If you do not keep up the payments on your mortgage with Ulster Bank your property may be repossessed