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.
Frequently asked questions relating to Reliance Bank consent to lease
- I have been foolish in failing to advise Reliance Bank that I’m renting my maisonette out. My most recent tenants have left the place in a mess and I need to claim on malicious damage. I’m afraid that my insurer will contact Reliance Bank, and secondly if they do inform them, what are they likely to do given the absence of consent to let?
- Given we are relocating and unable to sell our property, we are thinking about letting it out. Is it imperative to advise Reliance Bank? If we do, I think they will want to change our mortgage to buy to let and load the rate which we can't afford. I was hoping that if I continued paying on time it shouldn't be an issue, but am now concerned about insurance consequences if we haven't got consent to let. Any thoughts?
- My husband is in the army and he has been posted overseas we would like to get something called 'Consent to let' from our lender Reliance Bank. Can you assist us?
- How many months after taking out a new mortgage do I have to wait before I can seek consent to let from Reliance Bank? By way of background I purchased my property in Havering nearly two years ago and am currently on a fixed term for 3 years. I subsequently met a guy and now we are looking at moving in together. I intend to get another fixed term next June. I presume that I would have to hold back for at least half a year before I could apply for consent to let. Is that right?
- Am I required to wait for consent to let to be issued on my current domestic mortgage with Reliance Bank before applying for a resi mortgage on a second property?
- I am considering relocating with work and would need to rent my property out. I have a mortgage with Reliance Bank. My property is worth approx £250k and owe £57k on it. Do you think Reliance Bank increase my interest rate?
- I am looking at some alternative lifestyle. I have a Reliance Bank mortgage, if I become a non-UK resident but wish to rent my UK house, do I need to get consent to let from Reliance Bank to do this ?
- I was just wondering if there are any costs in obtaining consent to let on a leasehold property when I have a mortgage with Reliance Bank
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Reliance Bank consent to let Questions and Answers
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 conditions are not complied with you may be in breach of 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Reliance Bank