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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 let: Q and A’s
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I am in an impossible situation with a Consent to Let home loan. In response to requesting consent to let the lender has requested that I produce a signed tenancy agreement as a prerequisite to granting consent. If I get a signed tenancy agreement would I not be violating the lender’s terms and conditions?
- We may need to lease our home out for a while due to a career opportunity. This will be for a limited period we would possibly like a consent to let our property. We presently have a Bank of Ireland mortgage. What are the fees involved and time limits on consent to let agreements?
- I understand that this is a breach of Bank of Ireland terms and conditions of mortgage if I lease out my house having indicated that I intend to live there. The plan is to repay the mortgage after six years, by which time the property will be mortgage free, meaning I no longer require any consent to let. Bank of Ireland advised me I can overpay as much as I like during the agreement. I know someone who is interested in renting the property. What is the likelihood of Bank of Ireland discovering that I am not living at the address? What are the consequences of not seeking consent to let? From what I have read there is a possibility of Bank of Ireland jacking up the interest rate
- My fixed rate mortgage with Bank of Ireland ends 13th July. I am about to move to Belfast for my Job in April. I wish to lease out the house in the short term. Can I get a consent to let the property?
- Were I to let my property with consent to let from Bank of Ireland will will theyjack up the interest rate? I am presently on a fixed rate for two years.
- I am already letting out my property but may have been sussed out. I have four months remaining on my fixed rate. Is it simple to get consent to let from Bank of Ireland. Is it just a five minute phone call, pay the charge and it's done there and then?
- I am currently refinancing and exploring the flexibility of certain mortgage providers when it comes to consent to let. Bank of Ireland is one of the mortgage companies I am considering. How accommodating are they are far as consent to let is concerned?
- How likely is it that Bank of Ireland force me into a consent to let product whilst in a fixed rate product for 2 years?
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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 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 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 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