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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
- I have a house in Wandsworth but I am moving with my girlfriend to a different city for work purposes and moreover near her university. I would prefer to retain the house but it is unlikely that I can afford a buy to let mortgage. It will only be temporary -3 years until my girlfriend completes her degree and I can sell, or move elsewhere. My mortgage is with M&S Bank. Is there a chance I won't be approved for consent to let?
- Am in possession of a mortgage offer from M&S Bank, but we are running up against a serious block. My husband is a teacher in a boarding school, whereby accommodation is a benefit of the job. We wanted to buy a garden flat to get on the ladder, and let it out while we're based at the school. I had thought M&S Bank would grant consent to let from day one of the loan. It transpires that we may be refused consent to let. Do you have any advice?
- My partner and I might have to rent his apartment out. I am aware that I require consent to let from M&S Bank. We plan to join a landlord association if we go ahead and let the flat, but do you have any thoughts on which are the best? We've come across the RLA and National Landlords Association.
- I have a two year fixed rate mortgage with M&S Bank which began in November. I will be moving out in January and have students ready to rent my flat. I need to get a letter from M&S Bank granting consent to let until my term is up to allow me to refinance. How do I go about this?
- Should I decide to apply for consent to let from M&S Bank what is the time scale M&S Bank would take to make a decision?
- I want to let out a room in my flat in Hounslow. Do I require consent to let from my mortgage co M&S Bank?
- My fixed rate loan with M&S Bank expires in September and have to move with work soon after. Is it likely that I be able to both remortgage and get consent to let?
- I would like to know if I have a normal mortgage with M&S Bank and decide to lease it out, does the rate change and are there any supplemental costs for obtaining consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above M&S Bank consent to let Advice
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 M&S 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
Should the tenure of your property be 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
Omitting to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with M&S Bank your property may be repossessed