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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.
Recently asked questions relating to Ulster Bank consent to lease
- I am with Ulster Bank and just had to apply for consent to let, but wondered if they have any stipulations on the level of rental income?
- Me and my fiance may be given an opportunity to work in a different office in the UK for a three months and would like to know if we can lease out our existing flat. It is a two year fixed rate and we are four months into the mortgage with Ulster Bank. We have lived at the property for more than 3.5 years. The LTV is 65%. What are the chances of obtaining consent to let from Ulster Bank? What charges can we expect to pay etc
- Given we are relocating and unable to find a buyer for our property, we are thinking about renting it out. Am I duty bound to inform Ulster Bank? I am concerned that Ulster Bank might change our terms. I thought if you continued paying on time it shouldn't be an issue, but am now worried about insurance connotations if we haven't come clean. Any thoughts?
- Require some advice regarding leasing a property and consent to let. In the coming months I plan to move in with my other half. The council would like to rent my flat for five years guaranteed with rent being paid and maintenance. Our mortgage was changed to Ulster Bank last year. Please help
- Just looking for some information. I already have a mortgage in place with Ulster Bank. I have had approval to sublet my flat from the freeholder of the block and they asked if I have consent to from Ulster Bank.
- I am considering moving in with my boyfriend at his home and would like to rent out my property that I purchased thirteen months ago, I'm just not sure of the process as my property is my first home. What do I need to do to obtain consent to let from Ulster Bank If I obtain consent would my mortgage payments go up?
- Do I require consent to let if I rent to a family member (in my situation my mother now lives there and contributes towards the Ulster Bank mortgage)?
- Me and my husband may want to lease our home temporarily due to a new job. This will be for a limited period but perhaps for twoyears. Should I tell Ulster Bank or it is wise to keep my head down?
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 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
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 lease may prohibit 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 violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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 Ulster Bank