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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I have been asked by my proposed tenants for a copy of my ‘consent to let’ from Ulster Bank, my mortgage lender. Why would they ask for this
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Ulster Bank have just granted me consent to let. After some effort, Ulster Bank have issued me with ‘consent to let’ confirmation . Mention is made of an assured shorthold tenancy. Can you explain what this is?
- I've been provided with a job opportunity 250 miles from home and considering whether it's worth renting my house out. Will Ulster Bank allow me to switch mortgage or give me consent to let? If not I will have to consider if I should accept the promotion. I wouldn't mind paying an increased amount as it is likely that I will come back and move into my home after twenty four months. My agenda here is not to to make money. Just love my property and want to return to it at some point in the future.
- Much to my surprise I have been offered a once in a lifetime job opportunity for 9 months overseas. I have enough money to pay the monthly Ulster Bank mortgage yet the buildings insurance stipulates continuous residency in order not to be invalidated. Last winter the roof was damaged but repaired. If there happened to be any problems during the winter months I would struggle to afford remedial works. How likely is it that I will get consent to let via Ulster Bank for a limited period?
- How much of my loan allowance will be made available to draw down on if I convert my mortgage to a consent to let with Ulster Bank?
- I have a mortgage with Ulster Bank at present and just enquiring about the procedure for getting a 'consent to let'
- I would like to know if I have a residential mortgage with Ulster Bank and decide to rent it out, does the rate get loaded and are there any associated charges for applying for consent to let.
- Do you have the address to which a Consent to Let request to be sent for Ulster Bank? Sorry about bothering you with this query.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental 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 null and void. 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 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 conditions are not complied with you may be in breach of your covenants under 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Ulster Bank