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.
Sample questions relating to M&S Bank consent to let
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Me and my husband have a M&S Bank mortgage and are have made overpayments to bring the loan amount down, both employed etc. Do you know how much the fees are and if M&S Bank usually grant consent to let without porting the loan to a commercial rate?
- I am 3 years into my 5 years fixed rate mortgage and have accepted an overseas job so wish to let my flat for two years. My equity is about seventy per cent. Are you able to clarify whether M&S Bank will load the interest rate for consent to let for 2 years?
- My flat has a mortgage against it with M&S Bank and I have been renting my flat without consent to let, which I am now led to believe means I am in contravention of my mortgage Ts and C’s. I fear that they have sussed that I am not residing there. What negotiating options do I have if I fail to sell it before they become aware I have breached my conditions?
- Can you explain "consent to let" to me? I live in a 1 bed apartment and its in good condition. It has been on with agents for two months and I am struggling to sell. This is because my neighbour is noisey. I had no choice but to put it on the disclosure form. I am with M&S Bank on a fixed rate. It has been suggested to me that I should seek consent to let from M&S Bank and lease the flat for a year or two.
- Will M&S Bank want to know my reasons for applying for consent to let? Is it wise to inform them of my potential relocation overseas?
- I have a mortgage with M&S Bank on a three year fixed rate. I may have chance of a teaching position in Belgium in a years time. Would I be eligible for consent to let via M&S Bank were I to accept this opportunity overseas?
- I have a residential mortgage with M&S Bank and require consent to let. What are the criteria and procedures that I need to be aware of in order to obtain consent?
- We took out a mortgage with M&S Bank a few months ago and although it's a long way off we may have to relocate around next July or August and would like to be able to rent our apartment out. Is this possible with a non- BTL mortgage?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above M&S Bank consent to let Info
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 obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with M&S Bank your property may be repossessed