Need Help?
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.
Recently asked questions relating to Bank of Ireland consent to lease
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I’d appreciate your advice if you have had experience applying for Consent to Letfora year from Bank of Ireland or whether you have any tops as to how such approval is given.
- Last year we bought our council flat, in Lambeth,recently valued at £220k. It was paid for in full from our own finances, mortgage fee. We are prohibited from selling (without penalty of losing some of our discount) before five years have expired. Regardless, we want to hold onto it as a investment property to rent out. We are considering taking out a mortgage with Bank of Ireland. I am confident that my rental income would cover my monthly repayments so can I negotiate consent to let. is this something you can help me with?
- For nine I have a I have had a mortgage with Bank of Ireland. My partner has recently acquired a property in Lewisham and he has asked me to live with him. Is it possible for me to rent out my flat with consent to let in case I need to move back? Also what legal paperwork must I provide Bank of Ireland with when filling in the consent to let form?
- My husband phoned Bank of Ireland on Tuesday regarding consent to let. We are awaiting a returned call. We have put an offer in on a ground floor flat that has been accepted in principle so would like to know how likely it is that we will receive consent to let from Bank of Ireland?
- What is the longest period that Bank of Ireland is willing to issue Consent To Let for?
- I wish to lease out my property. Do I just send a letter to Bank of Ireland requesting consent to let out the home?
- My wife and I have a granny flat attached to our property. Do we need consent to let this from Bank of Ireland? If so, what is the process if I would like to transfer my mortgage to consent to let?
- I am looking at an offer to work abroad and have been advised that I need to let Bank of Ireland know so my mortgage is under consent to let? Please could you clarify the best way to go about this?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above Bank of Ireland consent to let Advice
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
Where 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 may 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 provisions in the lease may prevent 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
Omitting to advise your co-owner of your intention to let could result in them taking legal action 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 Ireland