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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.
Recently asked questions relating to M&S Bank consent to lease
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Me and my husband have a M&S Bank home loan and are are not in arrears, in gainful employment etc. Do you know how much it will cost and if M&S Bank are likely to give us consent to let without transferring to a different deal?
- I will shortly be moving to Dubai. As opposed to sell my house, I would like to let it out, just in case things don’t pan out. My existing mortgage is with M&S Bank. If I looked to remortgage would a new lender consider this as me trying to dodge a Buy To Let mortgage, of which there is very little availability for 80% LTV, and hence turn down my request for Consent to Let?
- For 8 I have a I have had a mortgage with M&S Bank. My partner has purchased a property in Bromley and I have the opportunity to live with him. Is it possible for me to rent out my flat with consent to let in case I need to move back? Also what legal paperwork must I provide M&S Bank with when filling in the consent to let form?
- Is it correct that lenders (I have a mortgage with M&S Bank) are adopting a more relaxed approach towards consent to let? A broker recently told me that BTL mortgages are not regulated by the FCA whereas residential mortgages are. So if I move from a residential to a Buy to let I am moving to a regulated product. He suggested that under the current regulation lenders are wary of letting borrowers do this, which may explain why some banks will let customers obtain consent to let but not transfer to a Buy to let mortgage. Is this an accurate assessment?
- I previously took a mortgage with M&S Bank, but I have to get consent to let for about a year as my partner is unwell and is struggling to balance work with the hectic environment we are living in. We want to take time off for a year (by living near her parents and having their help) in a greener more relaxed suburb of Bristol.
- At the moment I do not have consent to let from M&S Bank but I would like to apply, An opportunity has arisen which might involve me working away for two years. But want to keep my house for when I come back - are you able to help?
- Me and my husband want to let our house out and use the rental income to pay rent on a house in Greenwich. What are the chances of being given consent to let by M&S Bank without being forced onto a BTL product.
- I wishing to obtain consent to let for my house as I am moving out for six months currently fixed M&S Bank mortgage with three years which is due in December next year.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting 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 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 breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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