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.
Top Five Questions relating to M&S Bank consent to lease
- I am about to write to my lender M&S Bank justifying the following reasoning for me asking for consent to let ; "I am having difficulties paying the mortgage and wish to move back with my parents but can't sell. I am very concerned by failing to make payments and have considered returning the property to you. If you issued consent to let this will likely solve matters." Is this likely to result in a positive response?
- My brother and his girlfriend currently lodge with me at my apartment. Next Summer I would like to move out of the property and in with my partner. Is it possible to get consent to let from M&S Bank after only having the mortgage for less than half a year?
- My OH and I may have to rent his property out. I realise that I need a consent to let by M&S Bank. We plan to join a landlord association should we go ahead and let the property, but which one should we register with? We've seen the RLA and National Landlords Association.
- I would like to be informed of what the criteria is for M&S Bank for consent to let. I have come across different suggestions in relation to fees and rates. I need to relocate for work but I don't want to sell the property due to a depressed market.
- I previously took a mortgage with M&S Bank, but I have to get consent to let for around a year as my partner is unwell and is struggling to balance work with the hectic environment we are living in. We want to just chill out a little for twelve months (by living near her mother and stepfather and getting their help) in a greener less intense area of Manchester.
- Was wondering how to get a consent to let from M&S Bank with whom I have a mortgage with. There is a remaining balance of 47k. The value of house is 110k. Its in my name but my wife and I would like to purchase a garden flat in Haringey we have seen together. How do we go about it?
- Is consent to let a cheaper way of renting out your property? Isn't this a loophole for some people to exploit?
- Would you be able to help me? What do my wife and I need to do to obtain consent to let from M&S Bank? And what are the costs involved?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above M&S Bank consent to let information
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
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 to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with M&S Bank