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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.
Common questions relating to Bank of Ireland consent to lease
- I am currently in the process of emigrating to Moscow . Rather than sell up, I wish to rent my existing property out, just in case things turn sour and I decide to return within a couple of years. The current mortgage is with Bank of Ireland. Would I be able to refinance with another mortgage provider on a much lower interest rate then apply for Consent to Let after the refinancing has completed?
- I have a shared ownership property in Redbridge and will be looking to buy out the rest of the property. However, in the future I may be working in Canada for a short period of time so would like to know what approach Bank of Ireland take to consent to let as I am considering a remortgage with them. I am not sure if they will lend on my property but as an aside can you provide further information on their consent to let criteria?
- What is the process for obtaining consent to let from Bank of Ireland? What evidence do they ask for? is there a fee to pay? Is consent generally limited in time and if so, for how long? Do I need to renew it annually? What if I obtain a consent but decide to sell the property rather than rent the property out?
- I recently got married and my wife and I would like to buy a family home in the coming year, whilst keeping our garden flat in Bexley we currently live in to rent out. Mortgage on the flat is with Bank of Ireland. I wish to avoid putting myself in a situation with two residential properties and then be refused consent to let.
- Do I need to wait for consent to let to be issued on my existing residential mortgage with Bank of Ireland before applying for a resi mortgage on a second property?
- My wife and I wish to move home and have found a property we wish to purchase so are considering letting out with consent to let from Bank of Ireland for our current property to enable us to make an offer and not lose the potential new property.
- I am considering relocating with work and would need to rent my property out. I have a mortgage with Bank of Ireland. My property is worth approx £250k and owe £57k on it. Will Bank of Ireland increase my interest rate?
- One year into a mortgage with Bank of Ireland due to work reasons need to move. Do you think I can get buy to let or consent to let.
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 Info
Tax and Legal
There may be various 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 provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under 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 commencing legal proceedings against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Bank of Ireland your property may be repossessed