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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.
Recently asked questions relating to Bank of Ireland consent to lease
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Is it possible to remortgage on a consent to let with Bank of Ireland?
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I am in a pickle with a Consent to Let home loan. In response to requesting consent to let my bank has requested evidence of an executed tenancy agreement as a prerequisite to granting consent. Is is not the case that if I adhered to their request that I would be breaching the lender’s terms and conditions?
- I have just been on a call with Bank of Ireland and they tell me that it has come to their attention that I am renting the one bedroom apartment despite having a domestic mortgage. I moved out a couple of years ago for career reasons, was unable to sell and so had little choice to rent out the property. Do you know what the implications may be for me not seeking consent to let?
- We have just sorted our rates for another fixed period with Bank of Ireland. Some weeks later, I went to an interview and basically I accepted the job offer in Tower Hamlets. I'm going to rent a one bed flat for me and my family in Croydon as we don't wish to sell the house and moreover we might come back within a couple of years.... We really don't know whether it will work out. We called Bank of Ireland but we would like also your take on the situation. How is it to have a consent to let in that case as we secured a fixed 5 years rate we really don't want to lose this rate.
- I have a Bank of Ireland mortgage currently and potentially want to let it out temporarily with consent from Bank of Ireland for (two years). How easy is it to obtain consent to let?
- What is the longest period that Bank of Ireland is willing to grant me the Consent To Let for?
- I are thinking about applying to Bank of Ireland to obtain consent to let our house, how long does it take between submitting the application to us finding a letting agent and listing our house for rent? and are there any further steps we will need to go through?
- My mortgage has been with Bank of Ireland for ten years. I would like to apply for consent to let my property. I have been waiting for Bank of Ireland to get back to me. Could you please check and help?
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Information to consider 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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under 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 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