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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 own a property that's currently under shared ownership (My share is 60%) and I bought it in September 2013. I plan to go through the full purchase of the house. My partner and I have also got a further house that we are looking to buy. Mortgage in principle has been issued by Ulster Bank. I want to know that I will be able to put the existing house through consent to let as soon as the remainder share has been purchased so, that we can start the process of purchasing the new house
- Am I required to notify Ulster Bank of my intention to rent my property out as a holiday let for twelve weeks. Can you help clarify? I am taking independent advice on the insurance, legal and tax side of things .
- What is the maximum period of time permitted by Ulster Bank that I would be able to let my property before being required to change mortgage or sell my property? In essence, my boyfriend has asked me to move in with him and I really want to hold onto my house. I would like the security of knowing I still own my own property.
- Me and my partner hope to buy a place together. Plan is for me to get consent to let my property from Ulster Bank. Thinking a little down the line however - when my 2 year fixed comes to an end - how would it work if I sought to refinance my flat?
- We are nine months into a five year standard mortgage with Ulster Bank. Just enquiring if it's ok to let out the flat on my existing home loan. Will Ulster Bank give consent to let?
- We have a consent to let letter that I have obtained from my management company. I would think I need to attaching this with a letter to Ulster Bank with a view to procuring consent to let from them. What address shall I post it to?
- How likely is it that I can keep my existing homeowner mortgage with Ulster Bank if I start renting out? If the consent to let is given will they tie me into an increased rate?
- 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 threeyears. Should I tell Ulster Bank or it is wise to keep quiet?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to 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
If 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 inform them could 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
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 trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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.
If you do not keep up the payments on your mortgage with Ulster Bank your property may be repossessed