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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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I have a residential mortgage over my residence in loc with the intention of relocating overseas to country for two years. During this period it would be ideal if I could lease out my house. My bank has declined to grant me consent to let. I wish to avoid taking out a buy to let loan as it’s only a short term option that I am abroad for.
- In what circumstances will consent to let for a property be issued via M&S Bank? For what period of time do you have to have had owned the property before consent to let can be obtained from M&S Bank? In order to give you some perspective we are moving abroad for 20 months with my wife’s company and will need to rent our house. I am interested in seeking consent to let in the first instance in order to put a tenant in it to cover the costs of the M&S Bank mortgage.
- I have just been presented with a once in a lifetime career opportunity for 6 months overseas. I do have sufficient cash reserves to cover the monthly M&S Bank mortgage however the buildings insurance requires that the property must be occupied in order to remain valid. Last Christmas the roof was damaged but repaired. Should there be any problems in the winter months I would find it hard to cover the remedial works. Will I qualify for consent to let by M&S Bank for the time I am abroad?
- I am in the armed forces and am looking to purchase a house using a M&S Bank mortgage. I would like to be given consent to let this house to my sister. In years to come I plan to reside in the property with my family when my military career finishes. Is this possible?
- I need to send the consent to let form by courier and wanted to know if M&S Bank have a regular postal address I can use as couriers usually don’t accept deliveries to PO Box numbers.
- I was just wondering if M&S Bank were picky when considering consent to let. I sent my request on date and I am waiting to hear back. Should I start chasing or wait for a bit longer?
- Is it possible to negotiate a consent to let from M&S Bank if I have a current mortgage which has been in place for eight years?
- Not sure if you can help What do we need to do to obtain consent to let from M&S Bank? And how much equity is needed?
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 information
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
If 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 notify them may 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
If your property is leasehold, the provisions in the lease may prevent 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 potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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.
If you do not keep up the payments on your mortgage with M&S Bank your property may be repossessed