Need Help?
Need professional advice for your consent to let with Bank of Ireland (UK) plc? 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 Bank of Ireland consent to let
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Is consent to let needed from Bank of Ireland or can I lease out my new house without telling Bank of Ireland and being forced to transfer to a B2L mortgage?
- I have been granted consent to let by Bank of Ireland for some time now and they now wish to speak to me and I expect their motive is to get rid of me. Do you have any suggestions as what I can do next?
- My granddaughter is going to work overseas for twelve months and would like to rent her apartment out. She has a Bank of Ireland fixed rate mortgage on repayment and wants consent to let the property as well as transfer to interest only. What does she need to do?
- Me and my brother jointly own a flat in Enfield with a Bank of Ireland mortgage. I am looking to move on and buy a house with my fiancee. How should I deal with letting out my room? Do I need consent to let from Bank of Ireland. My brother will remain in the property
- Were we to request a consent to let letter from Bank of Ireland will we be required to convert to buy to let mortgage? We are with Bank of Ireland and as houses are not currently selling but we have seen one we like we were going to rent our home out in order to buy the new and dispose of this one when the market picks up.
- Is it possible to negotiate a consent to let from Bank of Ireland if I have a current mortgage which has been in place for eight years?
- I am trying to find out if Bank of Ireland will grant consent to let in a situation where we need to move closer to relatives in a different house albeit that we may move back the future if circumstances change.
- I am currently in the process of getting a mortgage through Bank of Ireland - There is a likelihood that in the coming months I may decide to let out the property - how would I transfer the 1st time buyer mortgage to a buy to let mortgage?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above Bank of Ireland 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 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 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 trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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 Bank of Ireland your property may be repossessed