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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We just received 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 have my ground floor flat in Sutton on the market but notwithstanding a couple of viewings there is a lack of interest so far. As a fall back position I am considering letting out the property if cant find a buyer. I dont foresee a problem getting consent to let from the freeholder. My mortgage adviser has told me that in such circumstances I may need to switch to a BTL mortgage yet I probably don't have enough equity needed. What's my exposure if I if hypothetically I was to retain the existing M&S Bank mortgage and let the property out without telling them I was told that they can put a marker on you for mortgage fraud once find out. Is that right?
- Having spent fifteen years in Manchester, I'm considering relocating to be nearer to family. We've only been homeowners for the last two years and about to refinance with M&S Bank. In Harrow, we are be looking at a 4 bedroom property around the £350k mark. Ideally, we would like to keep hold of my existing flat. Could I ask for Consent to Let from the proposed new lender M&S Bank. If granted what are the likely requirements?
- At the moment have a 5 year fixed rate home loan with M&S Bank that we're about a year into. Our circumstances have now altered and we wish to let out our flat for a while and move to another town. How do we minimise the risk of M&S Bank rejecting consent to let.
- Do I require consent to let if I let to a family member (in my situation my mum now lives there and contributes towards the M&S Bank mortgage)?
- I have a mortgage with M&S Bank taken three months back where I moved from another lender. Am I now able to rent my property with consent to let from M&S Bank as I am planning to buy a further property.
- Please can you provide me with details of how to proceed with obtaining consent to let from M&S Bank and what, if any, cost apply.
- I have fixed rate mortgage with M&S Bank. I may have to let out my flat due to necessity. If I seek consent to let, will I have to pay a lot more interest?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above M&S Bank consent to let Advice
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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them could result in your insurance becoming invalid. 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 obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with M&S Bank