Need Help?
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.
Examples of recent questions relating to M&S Bank consent to let
- Are you able to advise me what fees M&S Bank levy for consent to let out part of my two bedroom first floor purpose built flat? Any answers are gratefully received.
- My flat has a mortgage against it with M&S Bank and I have been letting out my flat without consent to let, making me in breach of my mortgage terms and condition. They may have suspicions that I am not residing there. What negotiating options do I have if I don't sell it in time before they are on notice that I am in breach of my terms and condition?
- Your view would be appreciated as to whether consent to let from M&S Bank is the correct strategy for me. I acquired my house last January by porting a M&S Bank mortgage product. My fixed term finished two months ago I'm currently considering moving in with a new partner. I don't want to sell my house yet because I'm unsure of whether the new move will work out. I just wanted an idea of whether a consent to let from M&S Bank would be possible?
- I plan to relocate to another property, I have been at my existing property for 18 months. Is there a minimum time to spend at a property before M&S Bank will give a consent to let?
- Is there a maximum period that M&S Bank is willing to grant me the Consent To Let for?
- Morning? I am just curious whether M&S Bank offer consent to let as an option should I decided to let out my property under a domestic mortgage. Is there a specific rule for right to buy property and consent to let?
- I am looking at some alternative lifestyle. I have a M&S Bank mortgage, if I become a Australian resident but wish to rent my UK house, do I need to get consent to let from M&S Bank to do this ?
- My wife and I have a granny flat attached to our property. Do we need consent to let this from M&S Bank? If so, what is the process if I wish to transfer my mortgage to consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting 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
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 terms are not adhered to 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 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 M&S Bank your property may be repossessed