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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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I have a residential mortgage over my residence in loc and am due to relocate to country for a couple of years. During this period it would be ideal if I could let out my flat. My lender refuses to issue a consent to let. I am not inclined to transfer to a buy to let loan as it’s only for a short period that I am abroad for.
- Contracts were exchanged last month for an off plan property in which I was going to live in, but my boss has presented me with the opportunity to work abroad for three years, can I let the new property with consent to let from M&S Bank.
- Is it legal to rent out our property without consent to let from our lender? I know that at the time we signed a declaration stating it wouldn't be a buy to let property and that we don't own other property. I know you can't use H2B if you owned other premises at the time, but what about property after the event? Can one acquire a further property, or inherit a property?
- My partner phoned M&S Bank on Monday concerning consent to let. He is expecting a call back. We have placed an offer in on a house that has been provisionally accepted so would like to know how likely it is that we will obtain consent to let by M&S Bank?
- I am looking to get consent to let on my Hounslow maisonette from M&S Bank. I will be leaving the UK for a year and so want to know if I can let my flat
- I am just finding out some information at this stage. My boyfriend has asked me to move in with him and i'm not keen to sell my property just yet. So now I want to know what I would need to do to get consent to let from M&S Bank
- My M&S Bank mortgage is coming up for renewal. We would like to apply for a new residential mortgage and then apply for a consent-to-let. Is this possible? We don't use the house much now that our kids have grown up, and would be better used as a rental.
- I am thinking about moving in with my partner but would rather not to sell my place. How do I go about seeking consent to let from M&S Bank, and what are the chances that this will be issued?
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 Info
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
One thing to remember when arranging a consent to let mortgage with M&S Bank is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 your covenants under 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 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