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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.
Common questions relating to Ulster Bank consent to lease
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For the last few months I have been letting out my flat in Haringey. I didn't request consent to let. I moved to Aldershot for work and was unable to cope with the traveling but was worried that Ulster Bank would charge me silly money so I decided to take the risk. I'm hoping to legitimise it now... basically carry on letting it but with consent. What are my next steps?
- I am interested in finding out more about the conditions customers have to meet before consent to let from Ulster Bank is given. Are there any restrictions on who can be granted consent?
- I have leased out my one bedroom ground floor purpose built flat in Bromley for the last two years, and I didn't realise that I required consent to let. I would like rectify the situation. What are the legal repercussions of my failure to secure consent to let?
- My OH and I have a fixed mortgage with Ulster Bank (with just under one year left) but due to redundancy want to move away from NW London (actually to a new job in France) and so want to let the property out. We don't want to have the expense of the penalty cancellation of existing mortgage and understand that some lenders are willing to give this 'consent'...what is the approach adopted by Ulster Bank?
- I have recently got married and I am in the process of buying out 100% of my co-ownership mortgage with my wife. As a result we have now been given a 90% loan to value on our house. We want to buy a larger property. Will it be possible to get a consent to let on my new mortgage with Ulster Bank to allow us to get a mortgage also with Ulster Bank for a new home?
- Prospective tenants are about to rent my property and I have mortgage offer from Ulster Bank on new house on condition of consent to let for original house. How long should it take to receive letter once I send back a completed application with cheque.
- Assuming that I was successful in obtaining consent to let from Ulster Bank, could I sell during the consent period? Is it possible that I would incur any charges?
- Soon to remortgage my home but will likely be moving out in the next year and would be looking to let it out. Do you think I can get buy to let or consent to let from Ulster Bank?
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General Advice to 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
Should the tenure of your property be 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 trigger 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Ulster Bank