Need Help?
Need professional advice for your consent to let with Ulster Bank? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Sample questions relating to Ulster Bank consent to let
- I have a garden flat but I am never there, exploring the option of renting it out. The mortgage is with Ulster Bank, would I have to switch my mortgage rate or ought I try to get consent to let?
- I would like to move and let out my one bed flat in Barnet. Having bought it in June 2007 and currently on a 90% ltv there is little equity in it. My mortgage is with Ulster Bank. Do you know where Ulster Bank stand when it comes to consent to let?
- Please explain "consent to let" to me? I live in a 1 bed apartment and its in good condition. It has been on with agents for two months and I have had very few viewings. This is probably due to an ongoing feud with the family next door. I was obliged to put it on the disclosure sheet. Mortgage is with Ulster Bank on a fixed rate. It has been suggested to me that I should obtain consent to let by Ulster Bank and rent the flat out.
- I am unable to locate the form to download "consent to let" on the Ulster Bank website. Could you please send me a link to do it? Thanks a lot.
- We are interested in discovering more about the Ulster Bank consent to let process and conditions for granting.
- Am I required to get consent to let if I let to a family member (in my case my mother now lives there and contributes towards the Ulster Bank mortgage)?
- I am looking at some alternative lifestyle. I have a Ulster Bank mortgage, if I become a non-UK resident but wish to rent my UK house, ...what do I need to do to get consent to let. Can this be obtained on the phone ?
- Do Ulster Bank offer consent to let? I am just considering this in order to move home in the the near future
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above Ulster 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
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 result in 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 terms are not adhered to 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 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 Ulster Bank your property may be repossessed