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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.
Examples of recent questions relating to Bank of Ireland consent to let
- I am currently seeking a mortgage as FTB and considering Bank of Ireland with my mortgage adviser. Suppose I choose a five year fixed rate I live at the property and after twelve months, I come to get an opportunity of work relocation necessitating moving to a different location. If Bank of Ireland gives me consent to let,would the interest rate load the interest rate?
- I'm planning to remortgage our old ground floor flat, currently let out with consent to let from Bank of Ireland, onto a BTL rate as we are unlikely to be moving back into it now since we have our family home. So, I'm assuming I need a specialist broker for this and I am not really conversant with what is available in this area. Are you able to recommend an efficient broker service specialising in BTL?
- I plan to relocate to another property, I have been at my current property for 18 months. Is there a minimum time to spend at a property before Bank of Ireland will give a consent to let?
- I have been leasing my flat to a tenant for a few years but not on a buy to let mortgage because I thought that you only required a BTL if you had more than one mortgage. In trying to buy a further property, I found that I should have had consent to let all along from my lender Bank of Ireland. I'm wondering whether I can now seek consent to let from Bank of Ireland?
- My husband and I have a Bank of Ireland mortgage currently and may want to let it out for a short period of time with consent from Bank of Ireland for (1 year). How long do you have to wait until you apply for consent to let??
- I am require from Bank of Ireland consent to let out my property in Greenwich. I am planning to move in with my grandfather as I am off work through illness.
- Is it possible to negotiate a consent to let from Bank of Ireland if I have an existing mortgage which has been in place for eight years?
- Just wanted to know what needs to be provided to Bank of Ireland in order to get consent to let? I just finished a three year fixed mortgage and potentially moving to another house with my partner.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to 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
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 obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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.
If you do not keep up the payments on your mortgage with Bank of Ireland your property may be repossessed