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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.
Recently asked questions relating to Metro Bank consent to lease
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My mortgage is approaching reissuing with Metro Bank. The property has been sub-let for a few years and I now realise that I need to notifyMetro Bank. My understanding is that I should seek consent to lease, but given that the property has previously been rented out could they deny - insist I go onto a BTL rate and even apply a penalty? I have over 25% equity in the house - and the rent will more than cover the mortgage.
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I'm about to get in touch with Metro Bank for consent to let out my home in Metro Bank. However the property has been on with agents for 6 weeks but there is no interest and forking out for a full mortgage, council tax and insurance on unoccupied house is draining me financially. How are Metro Bank going to react if I market the property?
- I would like to let my garden flat out from mid June next year as I will be going for a few months. I have a residential mortgage with Metro Bank. I will not be letting for more than four months. Most likely it will be five months. It has been suggested that I seek permission from my freeholder first? Please can you advise what I should be doing in what order?
- Just a quick question as I am a bit clueless and wondering whether Metro Bank conduct any checks when applying for a residential mortgage, I'm ideally looking to rent the property out and am unsure as to whether I should apply for consent to let. How likely are they to find out if I rent the place out?
- I would be interested to know what information I should include in a letter seeking consent to let my house in Redbridge? I would like to send a request to my mortgage provider Metro Bank.
- I wishing to obtain consent to let for my house as I am moving out for four months currently fixed Metro Bank mortgage with three years which is due on June next year.
- I have spoken to someone at Metro Bank about switching our existing mortgage to consent to let (the current fixed rate expires in june 2016). Can I just confirm that I need to formally put the request in writing explaining our change in circumstance to Metro Bank? Where do I need to post it to?
- I took a homeowner mortgage with Metro Bank. I purchased the property in July this year. Is it possible to get consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Metro Bank consent to let Questions and Answers
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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them may result in your insurance becoming invalid. 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 the lease. This could potentially result in 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.
If you do not keep up the payments on your mortgage with Metro Bank your property may be repossessed