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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.
Common questions relating to M&S Bank consent to lease
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What is the most extreme action M&S Bank can take if I have let out my house in the event that consent to let is not forthcoming?
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Within the next few days I intend to ask M&S Bank to obtain consent to let out my property in M&S Bank. However I currently have the property for sale but there without a sniff of interest and paying a full mortgage, council tax and insurance on unoccupied house is hurting financially. What position would M&S Bank take if I market the property?
- Under what circumstances will consent to let for a property be issued from M&S Bank? How long do you have to have had the mortgage before consent to let can be obtained from M&S Bank? In order to give you some history I am a young dentist in a home purchased a few months ago. A dream job opportunity necessitating relocation to Bexley permanently has presented itself. I am interested in gaining consent to let initially in order to put a tenant in it to offset the expense of the M&S Bank mortgage.
- My husband and I recently sorted our rates for another fixed period with M&S Bank. However, I attended an interview and basically I accepted the job offer in Newham. I'm going to rent a small flat for me and my family in Hillingdon as we don't wish to sell the house whist there is a possibility that we come back before two years.... We really have no idea how things will work out. We called M&S Bank but we would appreciate your take on the situation. Is it possible to receive consent to let in that case as we secured a fixed 5 years rate we would not want to change.
- Due to work opportunities I will be moving to Wales and would like to let out my flat temporarily, please let me know what action I need to take in order to obtain consent to let from M&S Bank?
- My M&S Bank mortgage rate is up this June can I go on a interest only with consent to let?
- I took a residential mortgage with M&S Bank - 55% equity or thereabouts. I am considering relocating due to a promotion and enquiring whether consent to let would be granted so I could let out the property?
- Just a quick one. Will M&S Bank force me into a consent to let product while I'm in a fixed rate product for 2 years?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting the above M&S 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
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 inform them could 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 to have a license to do so from the freeholder. If such terms are not adhered to you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with M&S Bank