Need professional advice for your consent to let with Bank of Ireland as Bank of Ireland Mortgages? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Can Bank of Ireland Mortgages choose to operate a right to increase interest rates on a regular mortgage where Consent to Let at any time, onto ‘rates equivalent to their Buy to Let loans'?
My partner and I may need to lease our Hackney home for a while due to me taking a sabbatical. This will be temporary but perhaps for three years. Do I inform Bank of Ireland Mortgages or should I keep schtum?
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.
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 inform them could trigger 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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Failure to inform 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.