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.
Recently asked questions relating to Bank of Ireland consent to lease
- What are the chances of Bank of Ireland in giving Consent To Let on a one bedroom apartment? Agents have had it on the market for three months. I need to sell but I'm worried that if there is no interest I will need to let out the property in order to cover the monthly payments to Bank of Ireland (I no longer live at the address). I would prefer to come clean with Bank of Ireland than keep them in the dark but I am concerned as to how helpful they will be.
- Much to my surprise I have been offered a once in a lifetime job opportunity for eight months in Denmark. I have enough money to meet the monthly Bank of Ireland mortgage however the block insurance stipulates continuous residency in order to remain valid. Last Christmas the roof had some leaks that were repaired. Should there be any problems through the winter months I would find it hard to afford repair costs. Would I be eligible for consent to let from Bank of Ireland for a limited period?
- I am may soon need to apply for consent to let from my current mortgage provider Bank of Ireland. A colleague of mine said that she was given ‘consent to let’ confirmation from a different lender where conditions attached to the consent referred to an AST. Can you explain what this is?
- Me and my husband are in a complex mortgage situation currently. We have to let our home with consent to let and move to a new due to schooling. We now rent a house. We are finding it really difficult to find a better mortgage deal for our consent to let home. Is there is a list available as to which lenders grant consent to let and what their conditions are?
- This is not a question specific to Bank of Ireland but do lenders usually supply the information I need for my Buy to Let or Consent to Let self-assessment tax submissions?
- Are you aware of any flexibility in the accepted equity amount before switching from an existing Bank of Ireland mortgage to a consent to let?
- My mortgage has been with Bank of Ireland for seven years. I would like to apply for consent to let my flat. I have been waiting for Bank of Ireland to get back to me. Are you able to please check and help?
- I was wondering if you are able to assist. I require consent to let from Bank of Ireland and would like to know if this option would be possible for me to move to as I have to move back home to look after my mum
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting 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
One thing to remember when arranging a consent to let mortgage with Bank of Ireland is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 terms are not adhered to you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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 Bank of Ireland your property may be repossessed