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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.
Frequently asked questions relating to Metro Bank consent to lease
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Are any options available to me if my application for consent to lease is turned down by Metro Bank?
- A few months ago I let out my 2 bed flat and have gained a Consent to Let with my bank. Six months have now gone by and they have upped my payments as forewarned. I am unable to switch to a preferable product with them, as they will withdraw my consent to let. If I was to go with another provider for instance Metro Bank, would I be required to apply for a BTL loan or could I just refinance and get consent to let?
- What is the process for obtaining consent to let from Metro Bank? What documents do they require? is there a fee to pay? How long the consent is valid for? Do I need to renew it annually? What if I obtain a consent but decide to sell the property rather than lease out the property?
- What is the maximum period of time allowable to Metro Bank that I would be able to let my property before having to transfer the mortgage or sell my property? In essence, my boyfriend would like me to move in with him and I really want to hold onto my house. I would like the comfort of knowing I still have my own home.
- My wife and I were curious as to whether it is possible if you own one property with consent to let from Metro Bank, to buy another with a domestic mortgage to live in. Then once the consent expires on the first property, to change to buy to let or sell it?
- Is it possible to remortgage with Metro Bank with consent to let if my fixed rate is about to expire. Circumstances would not have changed.
- I may potentially need consent to let from Metro Bank in the future with work. I am just seeing what the options would be if this was the case. Are there any time restrictions on how long you can let out a property with consent?
- I was wondering if you could assist. I do not have consent to let from Metro Bank and would like to know if this option is available to me to move to as I must move back home to take care of my mum
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Metro Bank consent to let Advice
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 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 provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Metro Bank