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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.
Common questions relating to Ulster Bank consent to lease
- My partner and I intend to let out our flat in Islington which is on a standard residential mortgage with Ulster Bank . Clearly I will seek a consent to let. If there is a fee for the consent to let can this amount also be categorised as an allowable cost on my self assessment form to the tax authority?
- I'm looking to remortgage my one bedroom apartment, currently let out under consent to let from Ulster Bank, onto a BTL rate as we are unlikely to be moving back into it now since we have our family home. So, I'm assuming I need a specialist broker for this and I am not really familiar with what is on offer in this area. Can you recommend a good broker service specialising in BTL?
- For two years now I have been with Ulster Bank and have just re-fixed the mortgage rate. The loan to value is around 30%. A situation has arisen whereby we must move into my mum’s home to care for her, it would preferable to let our house out - do I require consent to let from Ulster Bank and is it likely to be granted?
- I sought consent but was refused as I did a remortgage in June but Woolwich does not give consent if mortgage is less than 6 months old. Now I am worried when 6 months is gone are they going to find some other criteria that will not be ok. On the other hand I can remortgage with Ulster Bank but will they give me consent straight away?
- If I am tied into a fixed rate with Ulster Bank but am deliberating on letting out my property, is there a cost for consent to let from Ulster Bank and does the interest rate get uplifted?
- Me and my brother have a mortgage with Ulster Bank but am told they have a stipulation that they do not issue consent to let the property to a housing association. Is this true and if so, can you suggest a way to bypass this?
- I was wondering if you can help. I require consent to let from Ulster Bank and would like to know if this option is available to me to switch to as I need to move back home to take care of my father
- I'm looking to find out more about consent to let from Ulster Bank. Would an acceptable reason be parking problems and the property is too to small for me?
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General Advice to read in supplemental the above Ulster Bank consent to let Questions and Answers
Tax and Legal
There are numerous potential 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
Where 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 invalid. 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
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 conditions are not complied with you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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 Ulster Bank your property may be repossessed