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Need professional advice for your consent to let with Ulster Bank? 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
- I am currently seeking a mortgage as first time buyer and considering Ulster Bank with my mortgage adviser. Let's say I choose a five year fixed rate I move in the property and after two years, an opportunity comes up which involves a relocation requiring moving overseas. If Ulster Bank issues me consent to let,does the rate increase?
- I accept that I have been most reckless in not informing Ulster Bank that I’m renting my garden flat out. The latest tenants have left the place in a state and I need to claim on malicious damage. I’m worried that my insurer will contact Ulster Bank, and secondly if they do inform them, what are they likely to do given the lack of consent to let?
- My partner and I (co-owners) are thinking of remortgaging with Ulster Bank. I was doing some research concerning consent to let from Ulster Bank to understand the rules around potentially letting our existing apartment out (probably in a in a couple of years time) if we moved away. The apartment in question was a first-time purchase for us about two years ago. Currently we are living there.
- Is it possible? I have a Ulster Bank mortgage on my house (with quite a bit of equity). I want to purchase and live in a second house but keep my old house and rent it out. How can I fund a second mortgage without selling my old property and using the equity as a deposit for the new property. Is there anyway I can change my old mortgage to a buy to let mortgages or obtain consent to let and take on a second mortgage without having a deposit to put down.
- If I am tied into a fixed rate with Ulster Bank but am deliberating on letting out my property, is there a charge for consent to let from Ulster Bank and does the interest rate change?
- I took a residential mortgage with Ulster Bank, and I would like to lease the property out, until I decide whether to sell or retain it as an investment. At the moment I am on the fixed rate. Will I need to move onto a new mortgage? I.E. buy to let?
- I may be looking to let out my property and wondered what I would need to do to obtain consent to let by Ulster Bank. I may be emigrating permanently.
- We are interested to find out more regarding consent to let from Ulster Bank. Would a valid reason be parking problems and the property is too big for me to run at this moment in time?
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General Advice to read in in addition 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
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
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 the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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 Ulster Bank