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.
Frequently asked questions relating to Bank of Ireland consent to lease
- I am interested in understanding the conditions customers have to satisfy before consent to let from Bank of Ireland is issued. Are there any restrictions on who can be given consent?
- I have had consent to let via Bank of Ireland for a while now and they now want to speak to me and I expect their plan will be to get rid of me. Are you able to assist?
- My flat has a mortgage against it with Bank of Ireland and I have been letting out the property without consent to let, making me in breach of my mortgage Ts and C’s. I think I have come onto their radar that I am not residing there. What are the legal repercussions of my failure to secure consent to let?
- Following retirement in June I acquired a “retirement home” for my wife and myself to live in. Our intention is to let our current property to our nephew and I have consequently asked Bank of Ireland for consent to let. I was just seeking a general view on whether Bank of Ireland currently allows it?
- Situation: I am moving abroad. This might be for a number of years. However I will be on a 3 month probation period .I'm wanting to know the criteria for consent to let from Bank of Ireland and what fees are involved
- I want to take in in a lodger for my two bedroom second floor purpose built flat in Waltham Forest which I live in. My mortgage is with Bank of Ireland. Will they grant consent to let?
- I am interested in some advice on how best to approach my mortgage lender Bank of Ireland regarding a 'Consent-to-Let' application. Is this a task you can offer guidance on ?
- Are you aware of any leeway in the accepted equity amount before transferring from a current Bank of Ireland mortgage to a consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Bank of Ireland consent to let information
Tax and Legal
There are numerous potential 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
Failure 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 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
Failure to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Bank of Ireland