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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 let: Q and A’s
- We are in possession of a mortgage offer from Reliance Bank, but we have hit a snag. My husband is the deputy head in a boarding school, and as such we are provided with a residence as part of his employment. We wish to purchase a one bedroom second floor purpose built maisonette to get on the ladder, and let it out while we're living at the school accommodation. I had thought Reliance Bank would grant consent to let from the outset of the loan. It is now looking as though we may be refused consent to let. Can you give me any advice?
- I am a FTB in the process of trying to buy a flat. However I am potentially also going to be moving abroad in the near future. I have told this to my mortgage broker who has informed me as long as nothing has been signed or confirmed you can go ahead and apply for a residential mortgage with Reliance Bank. Once that's complete if it transpires that I need to move abroad he said can apply for a consent to let from Reliance Bank. Does that sound like the right advice?
- I remortgaged with Reliance Bank recently, borrowing extra with the intention of doing a loft conversion. That plan has proved not to be possible and I now intend to purchase a 2nd property as my main home and lease the old property out with consent to let. Is that likely to open up a Pandora’s box?
- My fiance have an offer accepted to purchase a house, we have a deposit of between 20-25% for a residential mortgage with Reliance Bank. The small problem is we may leave the country in three months for work. We are going through our financial adviser. She says if you tell this to the lender up front we will need to get a buy to let. Do go ahead with residential mortgage with Reliance Bank, in a couple of months seek consent to let? Alternatively, do we try and contact Reliance Bank now and say there is a chance we will move abroad in the future (I have not signed anything as yet to move abroad) and see if they confirm before hand that it wouldn't be an issue
- Please can you tell me the circumstances under which Reliance Bank would turn down a consent to let application?
- Can I refinance with Reliance Bank with consent to let if my fixed rate is reaching it’s end. Circumstances would not have changed.
- We are looking to place my house on rent due to work commitments and was curious if this is possible to negotiate consent to let. It is on a fixed rate mortgage with Reliance Bank until 2017 December
- Do you have the address to which a Consent to Let request to be sent for Reliance Bank? Sorry about bothering you with this query.
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Information to consider in supplemental the above Reliance Bank 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 obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of the lease. This could trigger 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with Reliance Bank your property may be repossessed