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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.
Common questions relating to M&S Bank consent to lease
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We've been renting my wife's old house out with "consent to let" from M&S Bank on a standard mortgage for the past 24 months. M&S Bank have advised of their intention of revoking consent to let unless we convert to one of their "buy to let" products.
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I am between a rock and a hard place with a Consent to Let home loan. Having sought consent to let my lender has asked me to provide them with an executed tenancy agreement as a prerequisite to granting consent. If I get a signed tenancy agreement would I not be violating the lender’s terms and conditions?
- My husband and I acquired a house in Newcastle and will be moving to Kent at the end of March. I have a letting agency and tenant lined up. I was planning to keep quiet as I'm afraid M&S Bank will insist that I change my mortgage rate over to a buy to let and am unable to afford that. I appreciate that it would be preferable to get a consent to let via M&S Bank but am afraid if I show my hand it would result in a whole host of problems
- I recently got married and my wife and I would like to buy a family home in the coming year, whilst keeping our garden flat in Barnet we currently live in to rent out. Mortgage on the flat is with M&S Bank. I don't want to put myself in a situation with two residential properties only to be refused consent to let.
- The prevailing mortgage is with M&S Bank, but I am going to move out for around 12 months as we need to be nearer to my wife’s mum and dad. Will M&S Bank give consent to let?
- I would like to find out what information I should include in a letter applying for consent to let my property in Harrow? I would like to send a request to my lender M&S Bank.
- We are looking to place our matrimonial home on rent due to job commitments and was curious if this is possible to negotiate consent to let. It is on a fixed rate mortgage with M&S Bank at the moment until 2018 October
- I'm possibly going to Aus for a year with work. Planning on taking my partner with me and hoping to rent our UK property in the meantime on a short term basis to make matters more cost effective. I was just enquiring if there any costs for obtaining consent to let
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above M&S Bank consent to let Questions and Answers
Tax and Legal
There may be various 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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with M&S Bank