Need Help?
Need professional advice for your consent to let with Metro Bank plc? 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 Metro Bank consent to lease
- I spoke to a IFA friend last month. She said that if I decide to move abroad with my job for a period then I should not apply for consent to let from my mortgage provider (Metro Bank) until at least four weeks before I plan to rent out my house. Am I to understand that I have to find a tenant first and then obtain a consent to let?
- We purchased a property in 2008 on shared ownership basis, I own half by way of bank loan and rent the other percentage. In early 2014 I purchased a new property. I rented out my first property and moved to my new property. I obtained consent to let from my lender and I was under the assumption I had consent to let from the housing association. Yesterday I had a letter from the housing association saying they had nothing on record to say I had attained permission to sublet. What are my options?
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I have a current mortgage contract with Metro Bank and wish to clarify if it would be possible to receive consent to let out our one bedroom ground floor purpose built maisonette in Merton.
The rationale for wishing to find tenants for the property are are due to: -
- Me and my wife will be relocating to Hong Kong in January.
- By renting out the house this will enable us to make some savings to support the migration process.
- It would be pointless from a monetary perspective to pay outright for a property which we are no longer living and by renting out the property this would be deemed as continuing investment.
If Metro Bank granted permission to us for renting we would suggest some financial assurances which are as follows: -
- Continue to pay the monthly mortgage payment directly from my current account.
- Retain the services of an approved letting agent who will provide a rent guarantee scheme as a further financial protection.
- Supply our forwarding address for when we move.
- I have a home that's presently under shared ownership (My share is 60%) and I bought it in September 2014. I plan to go through the full purchase of the house. Me and my wife have also got a further house that we are hoping to purchase. Mortgage in principle has been issued by Metro Bank. I want to know that I will be able to put the current house through consent to let as soon as the remainder share has been purchased so, that we can start the process of purchasing the new house
- Metro Bank. Will they issue consent to let a house for 18 months? I will move back in again as an occupier.
- I have a mortgage with Metro Bank at present and just enquiring if there any fees for obtaining consent to let
- I am a Metro Bank borrower. I would like to apply for consent to let my home. I have been waiting for a response from Metro Bank. Could you please check and help?
- I would like advice as to how to proceed with obtaining consent to let from Metro Bank and what, if any, fees apply.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting the above Metro Bank consent to let Info
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 Metro 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 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 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 Metro Bank