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Need professional advice for your consent to let with M&S Bank? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Questions and Answers: M&S Bank consent to let
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I have a residential mortgage over my property in loc with the intention of moving overseas to country for a couple of years. During this time it makes financial sense to lease out my flat. My mortgage provider will not provide me with consent to let. I am not inclined to transfer to a buy to let mortgage as it’s only a short term option that I am abroad for.
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Doing everything by the book I’ve been leasing out my house with "consent to let" from M&S Bank on a standard mortgage for the past three years. M&S Bank have put forward an ultimatum retracting their consent to let if we do not transfer to one of their "buy to let" products.
- I have a property in Merton with a M&S Bank mortgage but have not lived there for a while. My sister moved in but is there rent free. I currently live in rented accommodation and am looking to purchase a house. I have found a dream property at reasonable price. I have enough of a deposit to use on the house I am interested in but would be a financial strain to pay enough off the old property to switch it to a BTL loan at the same time. Can I transfer the current M&S Bank mortgage for my old apartment into a consent to let and use my reserves to pay a larger deposit for the domestic mortgage on the property that I am looking to purchase?
- Do the letting agents we rented through owe us a duty of care to have checked that the landlord obtained consent to let from M&S Bank?
- We are close to purchasing a property and plan to live in it once we have renovated but we may need to let the property out but not sure what the rules are on consent to let from M&S Bank? We don't need a buy to let mortgage because we are not certain if we will need to let it out at all
- Me and my partner took a mortgage with M&S Bank but am told they have a policy that they will not give consent to let the property to a housing association. Is this true and if so, can you suggest a way round this?
- I have a domestic mortgage with M&S Bank which is only 7 weeks long but I have been moved abroad with work. How easy is it to get consent to let from M&S Bank for a mortgage that has only just started and I have just bought the property?
- I would like to get consent to let from M&S Bank for a couple of years at which point I can turn it into a buy to let. Is this achievable
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Information to consider in supplemental the above M&S 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
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
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 breach 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 commencing legal proceedings against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with M&S Bank your property may be repossessed