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.
Ulster Bank Consent to Lease Example Support Desk Enquires
-
What do I do if my request for consent to let is subsequently refused by Ulster Bank?
- We have a residential mortgage with Ulster Bank. This has been in place for four years. We are deliberating leasing out our property and renting in a village close to our daughter’s school until a suitable house becomes available to purchase. Do Ulster Bank ordinarily give consent to let and if so, are there any financial consequences?
- I own a garden flat but I am seldom there, considering the option of renting it out. My mortgage is with Ulster Bank, would I have to change my mortgage product or do I apply for consent to let?
- My house had been tenanted for three years from 2010-2013 while working overseas. I have a letter dated March 2010 from the mortgage company granting consent to let. In the letter it explicitly states that the consent to let is valid for "the remaining term of the mortgage". I have not refinanced since the letter was issued. I now plan to move house and rent out my existing house. However, my IFA has suggested that the 2010 consent to let letter may not be acceptable to the new lender Ulster Bank for the house I wish to purchase.Your view would be appreciated
- Just wanted to know what needs to be provided to Ulster Bank in order to get consent to let? I just finished a three year fixed mortgage and potentially moving to another flat with my husband.
- Is there flexibility in the accepted equity ration before switching from a current Ulster Bank mortgage to a consent to let?
- Was wondering how to precure a consent to let from Ulster Bank with whom I have a mortgage with. There is a remaining balance of 57k. The value of property is 110k. Its in my name but my wife and I would like to purchase a one bedroom apartment in Greenwich we have seen together. How do we go about this?
- What happens if a borrower has already rented out the property for some years as an HMO and now wish to go legit with Ulster Bank by getting consent to let ? (work on the basis that Ulster Bank had in the past given a standard mortgage previously)
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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Ulster Bank