Need Help?
Need professional advice for your consent to let with Ahli United Bank (UK) plc? 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 Ahli United Bank consent to let
- What is the difference between consent to let and changing to a buy to let mortgage? Also is the property subject to Capital Gains Tax if sold?
- Am in possession of a mortgage offer from Ahli United Bank, but we hit a brick wall. My husband works in a boarding school, whereby accommodation is a benefit of the job. We wanted to buy a one bedroom first floor purpose built flat to get on the ladder, and rent it out while we're in school accommodation. I had thought Ahli United Bank would grant consent to let from day one of the mortgage. It transpires that I may not be able to get consent to let. Do you have any suggestions?
- We own a apartment in Leeds and will be moving to Amersham at the end of March. I have a letting agency and tenant now. I was planning to keep quiet as I'm afraid Ahli United Bank will insist that I change my mortgage rate over to a buy to let and am unable to afford that. I appreciate that it would be preferable to secured a consent to let via Ahli United Bank but am afraid if I open Pandora's box it would lead to no end of issues
- I have a residential mortgage coming up for renewal with Ahli United Bank. I have had the property let out for two years and I now realise I should have disclosed this to Ahli United Bank. I understand that I can ask for a consent to lease, but given that the property has already been let out could they deny - insist I transfer to a BTL rate and issue a penalty? I have over 50% equity in the house - and the rent will more than cover the mortgage.
- If we request a consent to let letter from Ahli United Bank will we be made to switch to buy to let mortgage? We are with Ahli United Bank and as properties are not selling at the mo and we have seen one we like we were going to rent our home out in order to acquire the new and dispose of this one when the local market picks up.
- How easy is it to get a consent to let from Ahli United Bank and what will it cost me? If I want to let out my property for a couple of months how easy is it to fluctuate between a normal mortgage and consent to let?
- My OH is in the process of buying a new property in Redbridge and is getting a good deal as it needs some work done. We want to rent our current property for 2 years and come back to live. Will I be given consent to let by Ahli United Bank?
- I am relocating for work for as long as a year... I was wondering if I was able to get from Ahli United Bank consent to let the house out while overseas as I do not want to leave it vacant for that long
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above Ahli United Bank consent to let Advice
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
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
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 violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform your co-owner of your intention to let could result in them commencing legal proceedings 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 Ahli United Bank