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 have a three bedroom first floor purpose built maisonette but I am never there, exploring the option of renting it out. My mortgage is with Bank of Ireland, would I have to move onto a new mortgage rate or should I try to get consent to let?
- My husband and I reside in a matrimonial home where there exists a number of empty bedrooms. We are exploring the prospect of running an holiday let type operation to rent half the home out on a check-in and check-out arrangement. Do you know this is likely to be acceptable in accordance with Bank of Ireland’s consent to let protocol?
- My flat has a mortgage against it with Bank of Ireland and I have been renting my flat without consent to let, which I am now led to believe means I am in breach of my mortgage Ts and C’s. They may have suspicions that I am not residing there. What are the legal implications of my failure to gain consent to let?
- I would like to rent out my existing residence as I wish to purchase a bigger house for the family. I have a fixed rate mortgage with Bank of Ireland. Provided 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 comes to an end. Could I remortgage after a couple of years with a different lender? Will it have to be buy to let mortgage and not a homeowner mortgage?
- I am looking to Bank of Ireland to grant consent to let out my studio flat in Hounslow. I am moving to India for Eight months on a secondment.
- Do Bank of Ireland offer consent to let? I am just considering this in order to move home in the coming months
- I am interested in consent to let for my house mortgaged with Bank of Ireland. How do I proceed? Do I have to write to Bank of Ireland and get them to agree?
- Are you able to advise me how much the fees are and if Bank of Ireland ordinarily give consent to let without switching to a commercial rate?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above Bank of Ireland consent to let Info
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 lease may prohibit 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 violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them commencing legal proceedings 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