Need Help?
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.
Examples of recent questions relating to Reliance Bank consent to let
- How likely are Reliance Bank in granting Consent To Let on a three bedroom ground floor purpose built flat? It is currently on the market and it has been for six weeks. I need to sell but I'm concerned that given the lack of interest I will need to let out the property in order to cover the mortgage to Reliance Bank (I no longer reside at the address). My preference is to be up front with Reliance Bank than do it on the sly but I am worried as to how understanding they would be.
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I have a current mortgage contract with Reliance Bank and need clarify if it would be possible to receive consent to let out our three bedroom first floor purpose built flat in Greenwich.
The reasons(s) for wanting to find tenants for the property are as follows: -
- My family and I will be moving to Melbourne next spring.
- By letting out the house this will enable us to make some savings to help the migration process.
- It would be pointless from a fiscal point of view to pay off the mortgage for a property which we are not residing in and by letting out the place this would be deemed as an ongoing investment.
If Reliance Bank agreed that we are able to proceed with renting we would suggest some financial commitments which are as follows: -
- Continue to pay the monthly mortgage payment by standing order.
- Use an approved letting agent who will provide a rent guarantee scheme as a further financial safeguard.
- Provide our forwarding details for when we relocate.
- I’ve a fixed mortgage with Reliance Bank (with just over one year remaining) but due to redundancy want to move away from Essex (actually to a new job in France) and so want to lease the property out. We don't want to have the expense of the penalty cancellation of existing mortgage and understand that some lenders are content to provide this 'consent'...what is the policy adopted by Reliance Bank?
- I am on a 2 year fixed rate mortgage with Reliance Bank which began in February. I will be moving out in January and have people ready to rent my flat. I need to get a letter from Reliance Bank granting consent to let until my term is up to allow me to start a new mortgage. What is the procedure for going about this?
- I'm thinking about letting my property on a domestic mortgage with Reliance Bank what is the procedure for getting consent to let?
- Should I decide to apply for consent to let from Reliance Bank what is the time scale Reliance Bank would take to make a decision?
- I am trying to find out if it is possible to get a consent to let mortgage with Reliance Bank rather than a buy to let mortgage
- I am currently in the process of applying for a mortgage through Reliance Bank - It is possible that in the within months I may decide to rent the property out - how would I transfer the FTB mortgage to a BTL mortgage?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Reliance Bank consent to let Info
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
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 could result in your insurance becoming null and void. 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 restrictions are not strictly observed you may be in breach of the lease. This could trigger 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Reliance Bank