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Need professional advice for your consent to let with Bank of Ireland (UK) plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Bank of Ireland consent to let: Q and A’s
- I have my ground floor flat in Newham on the market but despite a couple of viewings there is a lack of interest so far. As a fall back position I am considering leasing out the property if cant find a buyer. I dont foresee a problem getting consent to let from the freeholder. My mortgage broker has told me that in such a scenario I may need to switch to a BTL mortgage yet I probably don't have enough equity needed. What's my exposure if I if hypothetically I was to retain the existing Bank of Ireland home loan and let the property out without informing them. I was told that they can put a marker on you for mortgage fraud if they find out. Is that right?
- Under what situations will consent to let for a property be issued by Bank of Ireland? How long do you have to have had owned the property before consent to let can be obtained from Bank of Ireland? By way of background:Our home is a very small apartment which is too small for our family, my wife is also unwell and we are far away from family who could offer us a bit of relief, in the form of babysitting. I am looking at getting a consent to let initially to be able to renting the property out to cover the costs of the Bank of Ireland mortgage.
- I need to decide what to do ie let or sell. I have a Bank of Ireland mortgage on my house (with quite a bit of equity). We are planning to move out of Leeds and if at all possible wish to rent out our house with consent to let from Bank of Ireland and use the income from that to help secure a 2nd mortgage for a house to live in. What is the best way to fund a second mortgage without selling my old property and using the equity as a deposit for the new property. Is there anyway I can change my old mortgage to a buy to let mortgages or obtain consent to let and take on a second mortgage without having a deposit to put down.
- Me and my husband are in a complex mortgage scenario in the last couple of month. We have to let our flat with consent to let and move to a new to be nearer to our daughter’s college. We are about to rent a house. We are finding it very difficult to find a better mortgage deal for our consent to let home. Is there is a list available as to which lenders grant consent to let and what their conditions are?
- My fixed rate loan with Bank of Ireland expires in May and have to relocate for work then. What are the chances that I will be able to both refinance and obtain consent to let?
- I'm possibly going to NYC for twelve months with work. Planning on taking my partner with me and hoping to rent our Redbridge property in the meantime on a short term basis to make things more cost effective. I was just enquiring where I can I get a consent to application form from
- I want to apply for consent to let from my lender Bank of Ireland to let out my flat. I am potentially moving in with mypartner. Do Bank of Ireland allow consent to let in these circumstances?
- Me and my husband may need to lease our home temporarily due to a new job. This will be for a limited period but no more than threeyears. Should I tell Bank of Ireland or it is wise to keep schtum?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above Bank of Ireland 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
One thing to remember when arranging a consent to let mortgage with Bank of Ireland is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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 obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Bank of Ireland