Need Help?
Need professional advice for your consent to let with Ulster Bank? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Sample questions relating to Ulster Bank consent to let
- I am about to write to my lender Ulster Bank justifying the following logic for me asking for consent to let ; "I am having difficulties with the mortgage and thinking about a to move to a smaller property but can't sell. I am worried by failing to make payments and have considered returning the property to you. If you issued consent to let that may solve matters." What are the chances that this will convince them to grant me consent to let?
- Am I obliged to inform Ulster Bank of my plan to rent a shed out on the grounds of my property. Can you shed any light on this? I am seeking independent advice on the insurance, legal and tax side of things .
- Do the letting agents we rented through owe us a a legal obligation to have ensured that the landlord got consent to let from Ulster Bank?
- I got a homeowner mortgage with Ulster Bank last October and then had to relocate for work, I am now considering letting my property out for six months whilst I am abroad. Am I able to get a consent to let from Ulster Bank, and what effect would this have?
- This is not a question specific to Ulster Bank but do lenders usually supply the information I need for my Buy to Let or Consent to Let self-assessment tax submissions?
- I'm intending to change mortgage provider to Ulster Bank for a fixed rate but the likelihood is that I would need to rent the property out for just under one year. Do Ulster Bank consent to let on fixed rate mortgages and if so, what are the procedures.
- We took out a mortgage with Ulster Bank a few months ago and although it's a long way off we may have to relocate around next Spring and would like to be able to let our property out. Would this be possible with a residential mortgage?
- I am enquiring as to whether there are any charges in obtaining consent to let on a freehold property when I have a mortgage with Ulster Bank
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above Ulster Bank consent to let Advice
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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Ulster Bank