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.
Top Five Questions relating to M&S Bank consent to lease
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I work for letting specialists in loc and have been ask but a prospective tenant of a property for a duplicate of the ‘consent to let’ from the owners lender M&S Bank. Is there a new law that has triggered this question?I have not come accross this before, is this a new legal requirement?
- I have a residential property but I am moving with my girlfriend to a different town for work purposes and moreover close to her university. My preference is to keep my property but it is unlikely that I can afford a BTL rate. It will only be short term -3 years until my girlfriend completes her degree and I can sell, or move elsewhere. My mortgage is with M&S Bank. Do you think they will grant consent to let?
- I have just been presented with an excellent career opportunity for eight months in New York. I have enough savings to pay the monthly M&S Bank mortgage however the block insurance requires that the property must be occupied in order to remain valid. Last winter the roof was damaged but repaired. Should there be any problems through the winter months I would find it hard to cover the remedial works. How likely is it that I will get consent to let via M&S Bank for the period I am abroad?
- Me and my husband are soon to send the remaining information to our broker for them to proceed with our mortgage application to buy our first property together. My husband bought an apartment in 2003 which he jointly owns with his brother. That flat was and continues to be leased out without any consent to let from M&S Bank. So, back to our application - our broker requested info on the M&S Bank mortgage. If we come clean about the lack of consent to let from M&S Bank will it adversely impact the chances of getting a mortgage?
- Am I required to wait for consent to let to be given on my prevailing domestic mortgage with M&S Bank before applying for a resi mortgage on a second property?
- Just looking for some help. I already have a mortgage in place with M&S Bank. I have been given approval to temporarily rent out my apartment from the freeholder of the block and they asked if I have consent to from M&S Bank.
- I have a mortgage with M&S Bank but am wanting to lease my house out and move in with my partner and baby what is required to get consent to let?
- Me and my husband want to consider the option of letting out my apartment with consent to let from M&S Bank whist away travelling for six months
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with 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
Failure 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 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 your covenants under 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with M&S Bank