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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.
Sample questions relating to Ulster Bank consent to let
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I plan to apply to Ulster Bank to obtain consent to let out my home in Ulster Bank. However I currently have the property for sale but there is no interest and paying a full mortgage, council tax and insurance on an empty house is a financial drain. What position would Ulster Bank take if I market the property?
- If I were to rent out my garden flat with consent to let from Ulster Bank, what proof would be required of the letting? If after 1 year I decided to let it on a series of holiday term rental, do I still need to supply proof to Ulster Bank, or will they leave me alone provided they receive payment each month? For example if I sublet the room separately at some point in the future, is there any reason for Ulster Bank to know and would they care?
- What information do Ulster Bank need to have to make a decision on consent to let. I have a 5 year fix with them. I have never defaulted in payments. I am looking at moving to Bexley due to the family getting bigger. My financial situation has not changed and in fact my salary has gone up 15% since the mortgage commenced.
- Following retirement in June I acquired a “retirement home” for my wife and myself to move to. Our intention is to let our current property to our grandson and I have therefore applied to Ulster Bank for consent to let. I was just seeking a general view on whether Ulster Bank currently allows it?
- I'd like to know if on the balance of probabilities Ulster Bank will grant consent to let out our house in Southwark
- Just curious as to whether it is possible if you own one property with consent to let from Ulster Bank, to purchase another with a domestic mortgage to live in. Then once the consent runs out on the first property, to change to buy to let or sell it?
- Is it the case that a prior extension to a mortgage term with Ulster Bank be held against us when we sought consent to let from Ulster Bank.
- Me and my husband have a granny flat attached to our house. Do we need consent to let this from Ulster Bank? If so, what is the process if I would like to transfer the mortgage to consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Ulster 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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 to have a license to do so from the freeholder. If such restrictions are not strictly observed 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