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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.
Ulster Bank consent to let: Q and A’s
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My husband and I purchased a flat in 2007 for 155,000 with Ulster Bank. I got married to someone in the RAF so moved in to married quarters in Belgium and appreciate that I have to request consent to let from Ulster Bank. Do you have any experience of consent to let from Ulster Bank?
- Please explain "consent to let" to me? I live in a studio flat and its in good condition. It is on the market and I have had very few viewings. This is probably due to an longstanding feud with the guy next door. I was obliged to mention this on the disclosure form. I am with Ulster Bank on a fixed rate. Someone mentioned I should seek consent to let by Ulster Bank and rent the flat for a couple of years.
- I am on a two year fixed rate mortgage with Ulster Bank which began in January. I will be moving out in August and have people ready to lease my property. I need to get a letter from Ulster Bank granting consent to let until my term is up to allow me to refinance. What is the procedure for going about this?
- I intend to rent our current apartment out early next year when we move. I will apply for consent to let from Ulster Bank. As of now the property is in my name but I am a higher rate tax payer. Do I need to do a equity transfer to her or can we enter into a Declaration of Trust?
- I'd like to know if Ulster Bank are likely to give consent to us letting out our home in Wandsworth
- It is looking as though I may need to move to NYC for two years, I have a house with a Ulster Bank mortgage. Do I need to seek consent to let? Will they be forthcoming?
- I am looking at some alternative lifestyle. I have a Ulster Bank mortgage, if I become a US resident but wish to rent my UK house, do I need to get consent to let from Ulster Bank to do this ?
- Last month completed on a one bedroom apartment in Tower Hamlets. I am a FTB. I am moving Paris next month, can I get consent to let from my lender Ulster Bank or do I have to wait six months?
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 Questions and Answers
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
If 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 result in 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
If your property is 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 conditions are not complied with you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
If you do not keep up the payments on your mortgage with Ulster Bank your property may be repossessed