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.
Common questions relating to M&S Bank consent to lease
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Can a new mortgage be taken on a consent to lease with M&S Bank?
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I am in a catch 22 with a Consent to Let mortgage. In response to requesting consent to let the lender has requested that I produce an executed Assured Shorthold Tenancy before they will grant consent. Is is not the case that if I adhered to their request that I would be breaching the lender’s terms and conditions?
- My friend has let her house from the same landlord for almost 18 months. For the past year my friend has been receiving letters from M&S Bank (it is apparent from the envelope). To begin with she reposted them to her landlady's address. My suspicions were aroused as none of her landlord’s mail was meant to be going there. I decided to go to my friends house and called M&S Bank on her behalf. The guy I called at M&S Bank asked all sorts of queries, the landlady's details, information relating to the tenant and then said they were going to look into whether she had the right mortgage and if she didn't it was an offence in the absence of consent to let. What does this mean for my friend?
- I would like to move and let out my ground floor flat in Croydon. Having bought it in winter 2009 and presently on a 85% ltv there is little equity in it. My mortgage is with M&S Bank. Do you know where M&S Bank stand on consent to let?
- I have a M&S Bank home loan currently and potentially wish to let it out for a limited period of time with consent from M&S Bank for (eighteen months). How long do you have to wait until you apply for consent to let??
- I am looking for some generic information on consent to let with M&S Bank: I am moving to Budapest as part of a promotion. This might be for a number of years. However I will be on a 3 month test period .I'm wanting to know how to go about getting consent to let from M&S Bank and what fees are to be incurred
- I am looking for consent to let for my property as I am moving out for four months currently fixed M&S Bank mortgage with two years which is due on May next year.
- I am looking at an offer to work overseas and have been advised that I need to let M&S Bank know so my mortgage is under consent to let? Please could you clarify the best way to go about this?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above M&S Bank consent to let Advice
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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
If you do not keep up the payments on your mortgage with M&S Bank your property may be repossessed