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.
Examples of recent questions relating to Ulster Bank consent to let
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My husband and I are moving to Perthin Month, perhaps temporarily but conceivably longer term. I'm in the process of writing to Ulster Bank to obtain consent to let out our property (we have already found tenants). I have had a mortgage with Ulster Bank for Six years and the account is up to date with no current arrears. Ulster Bank inform me, that even if they give permission, that this will be limited consent for a period of twelve months. And then what?
- I have just been on a call with Ulster Bank who have advised me that they have figured out that I have been renting the one bedroom apartment even though it is on a domestic mortgage. I needed to move two years ago for work reasons, couldn't sell and so had little choice to rent out the property. Are you able to advise me on the ramifications will be for me not getting consent to let?
- I have been in the Royal Navy for five years and intending to buy a property with a Ulster Bank mortgage. I would like to get consent to let this house to my sister. In the future I would reside in the property with my family when I leave the Royal Navy. Will I need to apply to my Commanding Officer to request permission to rent it out?
- How long after taking out a new mortgage will a consent to let be likely to be given by Ulster Bank? To give some background I purchased my flat in Hillingdon 2 years ago and am currently on a three year fixed rate. Not long after I met my partner and now we are looking at moving in together. I intend to get another fixed term next December. I presume that I would have to hold off for at least half a year before I could apply for consent to let. Is that right?
- I'm wanting to know the criteria for consent to let from Ulster Bank and any costs involved. Last week I moved in with my husband and have a colleague renting from me.
- I am looking to place our matrimonial home on rent due to job commitments and was enquiring if this is possible to negotiate consent to let. It is on a fixed rate mortgage with Ulster Bank until 2017 December
- I'm mulling over a remortgage offer with Ulster Bank and it's likely I will need take advantage of any consent to let option if available during the fixed period. Are there any penalties I should that may be applicable?
- I'm looking to find out more about consent to let from Ulster Bank. Would an acceptable reason be issues with neighbours and the property is too big for me to run at this moment in time?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with 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
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 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 trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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.
If you do not keep up the payments on your mortgage with Ulster Bank your property may be repossessed