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Need professional advice for your consent to let with Ahli United Bank (UK) plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Common questions relating to Ahli United Bank consent to lease
- If I was to rent out my ground floor flat with consent to let from Ahli United Bank, what evidence would be required of tenancy? If after 1 year I decided to let it on a number of holiday term rental, do I still need to provide proof to Ahli United Bank, or will they be happy as long as i keep up with the payments? By way of example if I sublet the room individually at some point in the future, is there any reason for Ahli United Bank to be informed and would they take issue?
- Last month I received consent to let on a residential loan with Ahli United Bank with aim of changing to a B2L rate when the fixed rate expires within the next months, so I'm uncertain if this adds to the complexity of the issue! Any information much appreciated.
- I have found myself in the accidental landlord situation and without consent to let from Ahli United Bank. I had to leave my apartment for work purposes, so now live in another part of the country. At first I attempted to sell the flat, but prices were depressed, resulting in negative equity. This was four years ago in 2012, which has since seen the property price increase and has given me time to accumulate savings. I am in now in a position where I could switch to a BTL mortgage and would like to remortgage at the same time. My concern is, will changing mortgage providers possibly alert Ahli United Bank that I have been letting without consent to let? I am aware that I shouldn’t have done what I did, but circumstances backed me into a corner. Can I change to a BTL without Ahli United Bank knowing what I’ve done?
- I intend to rent our existing flat out early next year when we find a new house. This is to be done with consent to let from Ahli United Bank. As of now the property is in my name but I am a higher rate tax payer. Do I need to do a equity transfer to her or should I do a Declaration of Trust?
- I don't currently have consent to let from Ahli United Bank but I would like to apply, An opportunity has arisen which might involve me working away for eighteen months. But want to keep my property for when I come back - are you able to help?
- We would like to move home and have found a property we wish to purchase so are considering letting out with consent to let from Ahli United Bank for our existing property to allow us to make an offer and not miss out on the potential new property.
- I are considering applying to Ahli United Bank to obtain consent to let our property, how long does it take between submitting the application to us finding a letting agent and listing our house for rent? and are there any other steps we will need to go through?
- Assuming that I was successful in obtaining consent to let from Ahli United Bank, could I sell during the consent period? Is it possible that I would incur any penalties?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Ahli United Bank consent to let information
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 notify them may result in 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
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 conditions are not complied with you may be in breach of the lease. This could potentially result in 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Ahli United Bank your property may be repossessed