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
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Can Ulster Bank exercise a right to increase interest rates on a standard mortgage where Consent to Let at any time, onto ‘rates akin to their Buy to Let range'?
- What are the chances of Ulster Bank in giving Consent To Let on a ground floor flat? Agents have had it on the market for three months. I need to sell but I'm worried that if there are no takers I will have to get a tenant in to cover the monthly payments to Ulster Bank (I no longer reside at the address). I would prefer to be up front with Ulster Bank than keep them in the dark but I'm not sure how accomodating they would be.
- My fixed rate runs out mid 2017 and I wish to fix for another three years with Ulster Bank, hopefully rates will remain low. In two years time I may want to move for a couple of years to a different county. How problematic is it to get consent to let by Ulster Bank under these circumstances? I would be coming back at the end of the two years to reside in my property.
- My husband is in the army and he has been posted overseas we would like to get something called 'Consent to let' from our lender Ulster Bank. Can you assist us?
- Ulster Bank. Will they issue consent to let a house for a couple of years? I will move back in again as an occupier.
- My fiance and I have a letter to Ulster Bank requesting consent to let signed and ready, but I'm not sure what address I should post this to. Can you please help me with the address?
- We would like to move home and have identified a house we wish to purchase so are considering renting out with consent to let from Ulster Bank for our current property to enable us to place an offer and not lose the potential new property.
- We need to contact Ulster Bank to enquire about letting out my flat. Do they post a document to me. Can I not get this from the site?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above Ulster 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent 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 your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them commencing legal proceedings 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