Need Help?
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.
Frequently asked questions relating to Ulster Bank consent to lease
- I am a FTB in the process of attempting to acquire a flat. However there is a strong possibility that I will be moving abroad within the next couple of years. I have mentioned this to my financial adviser who has informed me as long as nothing has been signed or confirmed you can go ahead and apply for a residential mortgage with Ulster Bank. Once that's complete if it transpires that I need to move abroad he said can apply for a consent to let from Ulster Bank. How would the property be treated for CGT purposes? From what I can tell there is some sort of tax relief if you have had to vacate your property to move abroad for work. is that right?
- I acquired a house in 2008 with the help of a housing association, I own half via bank loan and rent the remaining percentage. In January 2014 I bought a new house. I rented out my first property and moved to my new home. I got consent to let from my lender and I was under the assumption I had consent to let from the housing association. Last week I had a phone call from the housing association saying they had nothing on record to evidence I had attained consent to sublet. What are my options?
- My cousin and his girlfriend currently lodge with me at my apartment. Next Summer I would like to move out of the flat and in with my GF. How likely is it that I will be able to get consent to let from Ulster Bank after only having the mortgage for less than half a year?
- How long must you live in a property before consent to let with Ulster Bank would be given? I bought my apartment with a Ulster Bank mortgage back in Summer.
- I have separated from my ex and we have each moved into our parents house and plan to divorce. What do I have to do to get Ulster Bank to give consent to let the property out to tenants?
- Am I required to wait for consent to let to be given on my existing residential mortgage with Ulster Bank before applying for a resi mortgage on a second property?
- There is a chance of me going to NYC for a year with work. Planning on taking the husband with me and hoping to rent our Hounslow property in the meantime on a short term basis to make things more cost effective. I was just enquiring I have filled in my application form but I'm unsure where to send it
- I was just enquiring how to get consent to let from Ulster Bank...do I call them or apply formally in writing to them?
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General Advice to read in conjunction with the above Ulster Bank consent to let Advice
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 Ulster 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 regular 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed 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 taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Ulster Bank your property may be repossessed