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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.
Ulster Bank consent to let: Q and A’s
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I'm about to apply to Ulster Bank to obtain consent to let out my house in Ulster Bank. However I currently have the property for sale but there are no takers and forking out for a full mortgage, council tax and insurance on an empty house is a financial drain. What position would Ulster Bank take if I have the house on the market?
- I have had consent to let from Ulster Bank for some time now and they now wish to speak to me and I expect their plan may be to get rid of me. Do you have any ideas on what I can do next?
- I am a letting agent. Where a landlord chooses to let out their house without consent to let from Ulster Bank - have I failed in my duty of care? My guess is that the landlord isn't breaking the law, however, they would be breaking their contract with the Ulster Bank, as Ulster Bank most probably require to be notified of any change in circumstances. If I ignore the issue could I be accruing trouble?
- I am in the armed forces and am looking to purchase a property using a Ulster Bank mortgage. I would like to get consent to let this property to my mother and father in law. In the future I would reside in the property myself when I leave the armed forces. Is this possible?
- My partner and I have already been told to write a letter to Ulster Bank to obtain consent to let, I'm just trying to find some guidelines on the letter? What I should or shouldn't include?
- How much of my mortgage allowance will be made available to borrow if I change my mortgage to a consent to let with Ulster Bank?
- I have Ulster Bank mortgage and am considering renting out the property. I understand I would need a consent to let to do this...is that right ?
- Is consent to let required from Ulster Bank if I am planning to live in the property myself for three months of the year? In addition if I obtain consent to let for a period of time, say up to two years, what happens thereafter.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above Ulster Bank consent to let Info
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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Ulster Bank