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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.
Questions and Answers: Ulster Bank consent to let
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A friend of mine suggested that this summer I rent out my home and generate some income while I am on holiday. It’s only for a couple of weeks. Do I need consent to let from Ulster Bank?
- My brother and I are joint proprietors of a flat in Lambeth with a Ulster Bank mortgage. I am looking to move out and purchase a new property with my fiancee. How should I deal with letting out my room? Would I require consent to let from Ulster Bank. My brother will remain in the flat
- I would appreciate some feedback as to whether consent to let from Ulster Bank is the right strategy for me. I purchased my property last June by porting a Ulster Bank mortgage product. My fixed term expired 4 months ago I'm thinking about moving in with a new partner. I would prefer not to sell my property yet because I'm unsure of whether the new move will work out. Would it be likely that Ulster Bank would grant a consent to let based on me letting out my property on a short hold tenancy for 1-2 years and then I will commit to a buy to let product or sell it?
- I have been in the armed forces for five years and planning to acquire a house with a Ulster Bank mortgage. I would like to obtain consent to let the house to my sister. In years to come I plan to reside in the property myself when my military career finishes. Is this feasible?
- Interested to know if if consent to let would be forthcoming from Ulster Bank enabling me to move back in with my mother and father for 12 months and conserve some money on the lease extension for my property?
- I don't currently have consent to let by Ulster Bank but I would like to change to one, I am looking at working away for eighteen months. But want to keep my house for when I come back - can you assist?
- My wife and I are contemplating a remortgage and also exploring the possibility of renting the property in the years to come - Is there a cost with Ulster Bank to procure consent to let and what are the criteria?
- My Ulster Bank mortgage fixed rate ends in May and have to move with work soon after. Will I be able to both remortgage and obtain consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting the above Ulster Bank consent to let information
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
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 terms are not adhered to you may be in breach of 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Ulster Bank