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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.
Recently asked questions relating to Bank of Ireland consent to lease
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Will Bank of Ireland activate a right to increase interest rates on a regular mortgage that has just been approved for Consent to Let at any time, onto ‘rates in line with their BTL loans'?
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I have a homeowner mortgage over my residence in loc with the intention of relocating overseas to country for three years. During this period I want to let out my house. My bank has declined to grant me consent to let. I wish to avoid taking out a buy to let mortgage as it’s only a short term option that I am abroad for.
- I wish to rent out my existing property as I wish to acquire a bigger house for the family. I have a mortgage with Bank of Ireland. On the basis I get the consent to let as I understand lenders are more than likely to push me towards getting BTL mortgage when the fixed term is finished. Could I remortgage after a couple of years with a different lender? What implications does that have apart from the higher rates - do I need a greater equity portion in the property too ie lower ltv?
- My house had been tenanted for three years from 2010-2013 while working in New York. I have a letter dated May 2010 from the lender granting consent to let. In the letter it explicitly stipulates that the consent to let is valid for "the remaining term of the mortgage". I have not remortgaged since the letter was sent. I now plan to move house and rent out my existing house. However, my mortgage advisor has suggested that the 2010 consent to let letter may not be acceptable to the new lender Bank of Ireland for the property I wish to purchase.Your view would be appreciated
- I have a mortgage with Bank of Ireland on a 2 year fixed rate. I may have chance of a teaching position abroad next July. Would I qualify for consent to let via Bank of Ireland were I to accept this opportunity abroad?
- We are interested in understanding the Bank of Ireland consent to let process and prerequisites for granting.
- My daughter has a mortgage with Bank of Ireland and she wants to lease her apartment out as she moving in with her boyfriend.Will she be issued with consent to let? What is the process and charges involved?
- I have a granny flat attached to our home. Do we need consent to let this from Bank of Ireland? If so, what is the process if I need to switch my mortgage to consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Bank of Ireland 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
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 obtain the consent of the freeholder. If such restrictions are not strictly observed 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 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