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.
Reliance Bank consent to let: Q and A’s
- I am interested in understanding the conditions borrowers have to meet before consent to let from Reliance Bank is issued. Are there any restrictions on who can be given consent?
- My wife and I have a domestic mortgage with Reliance Bank. I have been offered a property as part of my job and would like to rent out my current home. The financial advisor seems confident that it is a formality. Can you give me some information please?
- I'm planning to remortgage our old maisonette, currently occupied with tenants with consent to let from Reliance Bank, onto a BTL rate as we will not be moving back into it now since we have our family home. So, I'm assuming I need a specialist financial adviser for this and I am not really au fait with what is on offer in this area. Can you offer any advice on a good broker service specialising in BTL?
- My mortgage with Reliance Bank has been in place for just over six months but I recently found out I am about lose my job. I would like advice on gaining consent to let by Reliance Bank
- I have a domestic mortgage with Reliance Bank and with my circumstances changing significantly in the last three months, can I obtain consent to let. What changes will affect me?
- We are one year into a five year domestic mortgage with Reliance Bank. Just wondering whether it's permitted to lease out the property on my existing home loan. Will Reliance Bank issue consent to let?
- I have purchased a house with a Reliance Bank mortgage. However I am currently living with mother and father. I don't want to move in until next November due to some family reasons. In meantime can I lease out the property with consent to let?
- I am planning on moving inside the next 7 months and want to rent my property out. My current rate is fixed with Reliance Bank. I am worried a 1% increase would be too much if that was a condition of receiving consent to let
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Reliance Bank 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
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 may trigger 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
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 terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform your co-owner of your intention to let could result in them taking legal action 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