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.
M&S Bank Consent to Lease Example Support Desk Enquires
- I have had a home loan with M&S Bank for 15 years. My divorce was finalised 18 ago put the property in my name by transfer of equity. My situation has changed, I would like to keep my house but live with my new partner, leasing my house out. It has been suggested by my broker that I can ask for a consent to let from M&S Bank rather than a buy to let mortgage as I I did not buy the property with the intention of letting it out, is this correct?
- My wife and I are looking to lease out our one bedroom apartment in Barnet in January. I would like some advice on what I need to do. I've just moved our M&S Bank mortgage to a fixed term and just need to understand the process and what information I'll need to get consent to let.
- As a result of a change in family circumstances my wife and I are moving to my mum and dad’s house while they are away and letting our flat out. We are going to need for consent to let from M&S Bank. Will this be issued? We will need to remortgage in the next twelve months will we then transfer to a BTL product. We intend to return to our property at the beginning of 2017?
- I purchased my garden flat in Camden twelve months ago and have a three year fixed rate mortgage with M&S Bank. Looking to move in with my partner within the next 6 months and wish to lease out my property. Just want to know the process.
- Hello, what documents or paperwork would M&S Bank require for a consent to let letter?
- If I let my house out with consent to let from M&S Bank will will theybump up the interest rate? I am presently on a standard variable rate.
- I am considering moving in with my boyfriend but prefer not to sell my place. What is the process for requesting consent to let from M&S Bank, and what are the chances that this will be obtained?
- I would like to get consent to let from M&S Bank for a few years until I can switch to a B2L. Is this achievable
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition 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
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 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
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