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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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I have a normal mortgage over my residence in loc with the intention of moving overseas to country for a couple of years. During this period it makes financial sense to rent out my apartment. My lender says I cannot have consent to let. I wish to avoid taking out a buy to let mortgage as it’s only for a short period that I am abroad for.
- My query does not specifically concern consent to let, I was wondering if you have an contact details for a dedicated M&S Bank team who processes consent to let applications. M&S Bank has a first charge over my home.
- My flat has a mortgage against it with M&S Bank and I have been renting my flat omitting to get consent to let, making me in contravention of my mortgage conditions. I think I have come onto their radar that I am not residing there. Is my only option is to dispose of the property prior to being repossessed?
- I have a normal mortgage coming up for renewal with M&S Bank. I have had the house let out for a few years and I think I should have disclosed this to M&S Bank. I am led to believe that I can ask for a consent to lease, but given that the property has previously been let out could they deny - force me to go onto a BTL rate and even fine me? I have over 50% equity in the property - and the rent will more than cover the monthly loan payments.
- Can I refinance with M&S Bank with consent to let if my fixed rate is reaching it’s end. Circumstances would not have changed.
- My wife and I want to move home and have found a property we wish to purchase so are considering leasing out with consent to let from M&S Bank for our original property to allow us to place an offer and not miss out on the potential new house.
- We would like to obtain consent to let on a house where we have a mortgage with M&S Bank. If granted, how long would consent be given for? In asking for consent to let from M&S Bank are we running the risk of them forcing us to change deal to BTL
- Is there a time limit on a consent to let from M&S Bank? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
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General Advice to read in in addition to the above M&S Bank consent to let Questions and Answers
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of the lease. This could potentially result in 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