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Need professional advice for your consent to let with Reliance Bank Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Reliance Bank consent to let: Q and A’s
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I work for a letting agency in loc and a potential tenant for the house has demanded a duplicate of the ‘consent to let’ from the owners lender Reliance Bank. Why would they ask for this
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I plan to get in touch with Reliance Bank for consent to let out my property in Reliance Bank. However I currently have the property for sale but there is no interest and forking out for a full mortgage, council tax and insurance on an empty house is draining me financially. What position would Reliance Bank take if I have the house on the market?
- My fixed deal runs out late 2017 and I wish to fix for another three years with Reliance Bank, hopefully rates will still be low. In two years time I may want to move temporarily to a different county. How simple is it to get consent to let by Reliance Bank under this situation? I would be returning after two years to live in my property.
- I have been serving in the Royal Navy for three years and intending to acquire a house using a Reliance Bank mortgage. I would like to get consent to let the house to my sister. In years to come I plan to reside in the property with my family when I leave the Royal Navy. Will I need to apply to my Commanding Officer to request permission to rent it out?
- I have recently got married and I am in the process of buying out 100% of my co-ownership mortgage with my wife. As a result we have now been given a 90% loan to value on our house. We want to buy a larger place. Will it be possible to get a consent to let on my new mortgage with Reliance Bank to allow us to get a mortgage also with Reliance Bank for a new home?
- I currently have my mortgage with Reliance Bank and have been for the past eighteen months and I am at present just wanting clarification as to whether gaining a consent to let is likely.
- In the event that I was successful in obtaining consent to let from Reliance Bank, can I sell during the consent period? Is it possible that I would incur any penalties?
- I currently have a residential mortgage with Reliance Bank and plan on letting due to work being based in Bristol. In seeking consent to let from Reliance Bank do I run the risk of them forcing me to change deal to B2L
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above Reliance Bank 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
One thing to remember when arranging a consent to let mortgage with Reliance Bank 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 regular 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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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 Reliance Bank your property may be repossessed