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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 Lease Example Support Desk Enquires
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Within the next few days I intend to ask Bank of Ireland for consent to let out my property in Bank of Ireland. However I currently have the property for sale but there are no takers and forking out for a full mortgage, council tax and insurance on unoccupied house is exhausting my finances. What position would Bank of Ireland take if I have the house on the market?
- I have a one bedroom first floor purpose built maisonette in Havering let out which has a seventy year lease. Mortgage adviser said I should remortgage (currently with Bank of Ireland) as a buy to let instead of consent to let and release 55-60k which on top of a new homeloan based on income multiples would give me a budget of £210k. Limited available in Harrow for me to buy my own house. To extend the lease will cost 21k. Should I keep or sell the flat?
- I cannot locate the form to download "consent to let" on the Bank of Ireland website. Could you please email me the URL to do it? Thanks a lot.
- I have an offer accepted to purchase a property, we have a deposit of between 20-25% for a residential mortgage with Bank of Ireland. The small issue is we may go overseas in three months for work. We are using a mortgage broker. She says if you tell this to the lender up front you will need to get a buy to let. Do go ahead with residential mortgage with Bank of Ireland, shortly thereafter ask them if I can have consent to let? Otherwise, do we try and speak to Bank of Ireland at this point and say there is a chance we will move abroad in the future (I have not signed anything as yet to move abroad) and see if they confirm before hand that it wouldn't be a problem
- I was just looking into consent to let as it's something potentially I would need from Bank of Ireland inside the next year. Our family circumstances has changed, and I would like to lease my home out
- Bank of Ireland - consent to let potential. Do you have experience of the process with this lender? Do they have a minimum period prior to changing and is it possible that I would be required to make a cash injection to reduce the LTV?
- I recently purchased a property with 10% deposit for personal reasons. A mortgage was taken with Bank of Ireland. However my circumstances have now changed. I am being transferred out of the location. Am I able to obtain consent to let from Bank of Ireland and put the house up to let?
- I got a standard mortgage with Bank of Ireland. I purchased the property in December two years ago. What are the options and criteria for consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Bank of Ireland consent to let information
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
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 standard 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
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 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Bank of Ireland