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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.
Common questions relating to Reliance Bank consent to lease
- I previously got consent to let from Reliance Bank 3 yrs ago but never used it and have since refinanced with a new lender. I recently sought for consent to let. I was informed that it would be forthcoming since I met the criteria. However I received a communication advising me that I need to provide a letter from the DWP indicating that that are aware of my current situation before they can provide consent. They said this is policy but I have not been able to find these T&Cs on their site. I did complain about the insinuation that I might intend to continue to claim help with interest from the DWP whilst receiving rental on the property. They apologised and offered to deposit £40 in my account . However i still am unable to locate this term and condition and i feel this is otherwise inappropriate I want to let my property as a way of releasing me from redress to social benefits not in order to continue with them
- Ealing residence worth £97,000. Remaining home loan of £18k with 8 years to run. Seek consent to let via Reliance Bank for current apartment and utilise income to pay off what is left of mortgage. Apply for 65 per cent Reliance Bank mortgage on second premises that I will consider to be my main address? Any reason not to do this?
- Me and my wife and I may need to rent out our home for a while due to a career opportunity. As we will be away for no more than twelve months would we need a consent to let our home. We already have a Reliance Bank mortgage. Is there any criteria for consent to let that the property or individual has to meet?
- My gf and I might have to let out her flat, and I have a question regarding getting authority to do so. I know I need to notify Reliance Bank and get a consent to let or transfer to a BTL product. Given that the property is leasehold do we have to get consent to let from the management company?
- We are looking for some preliminary advice re consent to let? We have a Reliance Bank mortgage and are considering leasing the property out for two years, but cannot really afford to switch to a buy to let rate. Is consent to let a viable option rather than to switching to a buy to let rate?
- How likely is it that I can keep my existing domestic mortgage with Reliance Bank if I start renting out? If the consent to let is issued will they tie me into an increased rate?
- We took out a mortgage with Reliance Bank a few months ago and although it's still early days we may have to relocate around next September or October and would like to be able to let our property out. Would this be possible with a homeowner mortgage?
- What happens if I have already leased out the property for some years as an HMO and now wish to go legit with Reliance Bank by obtaining consent to let ? (work on the basis that Reliance Bank had in the past issued a standard mortgage in the past)
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 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 notify them may trigger your insurance becoming invalid. 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 obtain the consent of the freeholder. If such conditions are not complied with you may be in violation 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Reliance Bank your property may be repossessed