Long term leasing initiative and Ulster Bank

I've been offered a 10 year long term lease from Dublin council but Ulster Bank have thrown a spanner in the works.
I called them for approval ( as required in my mortgage contract) and apparently I can rent privately but not to people on the social housing list (via dublin council). It doesn't seem right to me. Anybody faced similar problems.

Thanks...

jim alpton said:

I've been offered a 10 year long term lease from Dublin council but Ulster Bank have thrown a spanner in the works.
I called them for approval ( as required in my mortgage contract) and apparently I can rent privately but not to people on the social housing list (via dublin council). It doesn't seem right to me. Anybody faced similar problems.

Thanks...

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Contact your local Ulster Bank branch, you need to talk to them in person to discuss your options.

I've contacted Ulster Bank via phone and I got a different answer depending on who I was talking to.

Hope this helps !

Jim alpton,

Gut instinct is that Ulster are wrong.I cannot see how the Mortgage wording would be allowed to differeniate in that way?
Have a hard look @ your mortgage contract.

Then put your query in writing , phone calls normally only get a bit of an answer.

Thanks, I asked in a local branch and they backed up the phone support (my call was logged). The branch employee told me it was something to do with the neighbours who may object to social housing next door but he was most likely trying to get rid of a difficult customer!
I asked for a written statement explaining the policy which I never received. I rang mortgage applications and they told me the policy didn't exist.
My mortgage policy states that "no tenancy shall be created of the whole or part of the Property wihout the previous written consent of the Bank".
I eventually decided to proceed without their consent as it is not required by the council and it just seemed plain wrong.
Please don't construe this as advice as I never got a definitive answer!

@jim alpton I wish I had read your post earlier. Called Ulster Bank with the exact situation and they quoted policy to me too. They couldn't tell me where to find that policy in my contract, however!

How did you manage to go ahead with it? My solicitor is asking if the bank will allow it and I'm stuck here.

@Rlhaus, I proceeded with the remediation, BER certs, Gas/Electric saftey reports and the rest! but am faced with the issue once again as it a clause in the council's leasing document (received late last week)
My solicitor spoke to the Council's legal department and they said that dealt with several UB customers who managed to get consent.
I have asked the solicitor to call the bank on my behalf so will let you know the outcome (next day or two).
When you spoke to Ulster Bank, did they say renting to private tenants was permissible but council tenants wasn't?

@jim alpton thanks for that. UB said it was their policy to NOT allow leasing to the councils. I asked multiple times for where I can refer to this policy and couldn't get a straight answer.

I've done everything stated too, servicing, certifications, reports etc. We already have a leasing document with the requirements but haven't gotten a solicitor as we left it late and only found out today the one we had planned for is on leave.

Do you think it's possible for us to speak with your solicitor too? If so, i'll send you a pm. If the outcome is favourable with UB on your end or mine it would be great! I feel slightly better hearing of the precedents regarding UB's consent to lease.

Thanks a million.

Due to the backlog of long term leasing applicatons awaiting bank approval, Dublin council have changed their process so that applicants no longer require bank authorisation.
I eventually received a refusal letter from Ulster Bank stating 'policy does not allow for long term leasing' however Rihaus above got a Yes.
I would speculate policy depends on whoever picks up the phone!

If a private landlord advertised for tenants but said that they were unwilling to accept social housing tenants they would be pilloried for discriminating against social welfare claimants.

Whatever the rights and wrongs of refusing to allow social housing tenants, I am amazed that UB can get away with it.