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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.
M&S Bank consent to let: Q and A’s
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Can M&S Bank invoke a right to increase interest rates on a residential mortgage that has just been approved for Consent to Let at any time, onto ‘rates equivalent to their BTL range'?
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We just obtained consent to let from M&S Bank. After some effort, M&S Bank have issued me with ‘consent to let’ confirmation . Mention is made of an assured shorthold tenancy. Can you explain what this is?
- I am expecting to apply for consent to let from my existing mortgage lender M&S Bank. A colleague of mine said that she was issued with ‘consent to let’ confirmation from a different lender where it stipulated that the tenancy granted must be in the form of an assured shorthold tenancy. Can you explain what this is?
- We are planning to lease out my property for 12 months from 28th September next year. Is there conventional wording for a letter I can use to send to M&S Bank to request consent to let.
- If I were to apply for consent to let from M&S Bank please can I know the time scale M&S Bank would take to make a decision?
- I am considering letting out my property obtaining consent to let from M&S Bank, what charges can I expect to pay?
- I would like to let my house for three years max. I would like to know if I could have a consent to let from my current mortgage lender M&S Bank?
- My wife and I have a mortgage with M&S Bank and would be thinking about purchasing another main residence and then subsequently renting our current home out. Do I need consent to let from M&S Bank?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above M&S Bank consent to let Info
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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 terms are not adhered to you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with M&S Bank