Need Help?
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.
Sample questions relating to Ulster Bank consent to let
- Can you please inform me what fees Ulster Bank levy for consent to let out a room in my two bedroom first floor purpose built maisonette? Any advice would be gratefully received.
- My wife and I bought a property in 2006 with the help of a housing association, I own half through mortgage and rent the remaining percentage. Three years ago I bought a new home. I let out my first house and moved to the new property. I got consent to let from my mortgage company and I was under the assumption I had consent to let from the housing association. Earlier this week I was contacted by the housing association advising they had nothing on record to say I had procured permission to sublet. What do I do now?
- I would appreciate some feedback as to whether consent to let from Ulster Bank is the correct option. I purchased my property six months ago by porting an existing Ulster Bank mortgage product. My fixed rate ended 4 months ago I'm weighing up moving in with a new partner. I don't want to sell my house yet because I'm unsure of whether the new move will prove successful. 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 either commit to a buy to let product or sell it?
- I previously took a mortgage with Ulster Bank and the loan to value is currently 45% with the Ulster Bank current book value and I'm looking to purchase another property but would like to keep my current property at the current market value. I have consent to let from NRAM on a previous property so know a bit about them and I also have buy to let with Accord on another property. Does the expected rental income on a consent to let with Ulster Bank need to be over and above the mortgage repayments? I have a fixed rate which I tied into a fixed rate and left the term at 18 years so it was paid off as early as possible, obviously this leaves with quite a high monthly cost.
- When it comes to consent to let from Ulster Bank am I obliged to update them every time we get a new tenant and forward them a duplicate of the AST?
- Hello, what documents or paperwork would Ulster Bank require for a consent to let letter?
- The prevailing mortgage is with Ulster Bank, but I will soon to need move out for about a year as we need to be nearer to my partner's mother. Will Ulster Bank issue consent to let?
- We are close to purchasing a property and plan to live in it once we have renovated but we may need to let the property out but not clear on what the rules are on consent to let from Ulster Bank? We don't need a buy to let mortgage because we are not certain if we will need to let it out at all
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Ulster Bank consent to let Questions and Answers
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 trigger your insurance becoming null and void. 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 breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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