Need Help?
Need professional advice for your consent to let with Bank of Cyprus UK? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to Bank of Cyprus UK consent to lease
- What are the chances of Bank of Cyprus UK in giving Consent To Let on a one bed flat? It is currently on the market and it has been for three weeks. I need to sell but I'm worried that given the lack of interest I will need to let out the property in order to cover the monthly payments to Bank of Cyprus UK (I do not now live at the address). My preference is to be honest with Bank of Cyprus UK than keep them in the dark but I am concerned as to how accomodating they will be.
- I would like to let my current house as I wish to acquire a bigger house for the family. I have a mortgage with Bank of Cyprus UK. Provided I get the consent to let as I understand lenders are more than likely to push me towards getting BTL mortgage when the fixed term comes to an end. Could I refinance after a couple of years with a different lender? What ramifications does that have apart from the higher rates - would I need a greater equity ratio in the property too ie lower ltv?
- We are planning to release equity in my present house to buy an additional property which I intend to live in whilst I do it up. My preference is to rent my existing property with the Bank of Cyprus UK loan. I was just looking for a general view on whether Bank of Cyprus UK currently allows consent to let? House is worth £300 k with a £200k home loan in place.
- I am in the Royal Air Force and intending to acquire a home with a Bank of Cyprus UK mortgage. I would like to get consent to let the house to my sister. In the future I plan to live in the property with my wife and kids when I leave the Royal Air Force. Will I need to apply to my superior officer to request permission to rent it out?
- I wish to rent the attic in my flat in Lewisham. Do I need consent to let from my mortgage provider Bank of Cyprus UK?
- I am potentially moving in with my boyfriend but do not want to to sell my place. What is the process for requesting consent to let from Bank of Cyprus UK, and how likely is it that this will be obtained?
- I have had my mortgage with Bank of Cyprus UK for the previous eighteen months and I am interested in finding out some more information about the possibility of getting 'consent to let’.
- Last month I completed my mortgage with Bank of Cyprus UK since when my boyfriend has proposed and we are deliberating whether to reside in his house or mine. Would I be issued consent to let if I were to move in with him
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above Bank of Cyprus UK 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
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 could trigger your insurance becoming invalid. 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 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 potentially result in 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 Bank of Cyprus UK