Need Help?
Need professional advice for your consent to let with Reliance Bank Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Reliance Bank Consent to Lease Example Support Desk Enquires
- I have a one bedroom apartment in Tower Hamlets let out which has a 62 year lease. Mortgage broker said I should refinance (currently with Reliance Bank) as a buy to let rather than consent to let and release 45-55k which on top of a new homeloan based on income multiples would give me a budget of £195k. Not much about in Lambeth for me to buy my own property. A lease extension will cost 19k. Should I keep or sell the flat?
- My fixed deal runs out mid 2016 and I'm planning on fixing for another three years with Reliance Bank, hopefully rates will still be low. In in next couple of years I might want to move temporarily to a different county. How problematic is it to get consent to let by Reliance Bank under these circumstances? Assuming that monthly rent payments would be about £250 above the Reliance Bank mortgage payments.
- For two years now I have been with Reliance Bank and have just re-fixed the mortgage rate. The loan to value is approximately 30%. Unfortunately we need to move into my elderly mother-in-law's flat to care for her, it would preferable to rent our house out - do I require consent to let from Reliance Bank and is it likely to cost much?
- My house had been tenanted for three years from 2010-2013 while working Amsterdam. I have a letter dated May 2010 from the lender granting consent to let. In the letter it explicitly states that the consent to let is valid for "the remaining term of the mortgage". I have not changed product 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 sufficient for the new lender Reliance Bank for the property I wish to buy.Can this be correct
- When it comes to consent to let from Reliance Bank am I obliged to inform them each time we get a new tenant and send them a duplicate of the lease document?
- I have separated from my ex and we have each moved into our parents house and plan to divorce. What do I have to do to get Reliance Bank to give consent to let our house out to tenants?
- I currently have a residential mortgage with Reliance Bank and plan on letting due to work being based in Bristol. In asking for consent to let from Reliance Bank do I run the risk of them forcing me to change deal to buy to let
- I have a mortgage with Reliance Bank. I am thinking of moving out and letting out my flat. Am I required to obtain consent to let ?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Reliance Bank 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 lease may prohibit you from letting or require that you to have a license to do so from 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
Neglecting 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.
If you do not keep up the payments on your mortgage with Reliance Bank your property may be repossessed