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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
- I have to move my daughter’s school by mid-August and move to a different area. I don't have time to sell my house.The only way I can see of doing it is to let my property out. Currently I have standard occupiers insurance. Am I obliged to take out a different insurance? What should request from M&S Bank regards to consent to let?
- If I were to let out my maisonette with consent to let by M&S Bank, what proof would be required of tenancy? If after twelve months I decided to let it on a number of short term rental, am I still required to supply evidence to M&S Bank, or will they be content as long as i keep up with the payments? For example if I rent the rooms out individually at a later stage, is there any reason for M&S Bank to be informed and would they take issue?
- What is the process for obtaining consent to let from M&S Bank? What documents do they require? is there a fee to pay? Is consent generally limited in time and if so, for how long? Do I need to renew it every year? What if I obtain a consent but decide to sell the property rather than rent the property out?
- For a couple of years now I have had a mortgage with a friend on our apartment which is up for renewal 12th December. I am having to move to Bristol with work in February. Is it possible to switch to a consent to let mortgage with M&S Bank?
- Is it possible that M&S Bank would have archive records as to whether consent to let was granted for a specific property?
- A work promotions now necessitates that Ibe in different places a lot and as such I wish to understand the procedure for getting consent to let with M&S Bank
- I am a M&S Bank borrower. I would like to apply for consent to let my property. I have been waiting for a response from M&S Bank. Are you able to please check and help?
- I'm considering a remortgage offer with M&S Bank and it's likely I will require consent to let during the fixed period. Are there any penalties I should that may be applicable?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider 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
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 regular 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 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 taking legal action against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with M&S Bank