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 let: Q and A’s
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Do I need consent to let from Reliance Bank or can I lease out my basement flat without telling Reliance Bank and having to convert to a buy-to-let mortgage?
- I am wanting to write to my lender Reliance Bank justifying the following logic for me asking for consent to let ; "I am struggling paying the mortgage and wish to move back with my parents but can't sell. I wish to avoid defaulting on the mortgage and have thought about handing back the keys. If you granted consent to let this will likely solve things." Is this likely to result in a positive response?
- Can you please inform me what fees Reliance Bank levy for consent to let out a room in my two bedroom apartment? Any insights would be gratefully received.
- I refinanced with Reliance Bank recently, borrowing extra with the intention to extend the property. That plan has proved not to be possible and I now intend to purchase a second property as my primary home and rent the old property out with consent to let. Is that likely to open up a Pandora’s box?
- Will Reliance Bank want to know my reasons for seeking consent to let? Should I inform them of my possible move overseas?
- I am just finding out some information at this stage. My boyfriend has asked me to move in with him and I have been trying to sell the flat but have had no luck whatsoever despite several decreases in price. So now I want to know what I would need to do to get consent to let from Reliance Bank
- If I have an existing standard mortgage with Reliance Bank and am planning to rent it out in the future will I be issued with consent to let? What is the process and fees involved?
- Does my loan to value need to be at a certain level to allow me to apply for a consent to let from my mortgage lender Reliance Bank. Will any consideration be given to the fact that I only recently out the mortgage three months ago?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Reliance 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
If 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
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 conditions are not complied with you may be in violation of the lease. This could potentially result in 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Reliance Bank