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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
- Next month I will be emigrating to Dubai. As opposed to sell my house, I would like to lease it out, just in case things don’t go as expected. My existing mortgage is with M&S Bank. If I applied for a remortgage would a new provider see this as me looking to avoid a Buy To Let mortgage, of which there is very restricted availability for 80% LTV, and hence reject my application for Consent to Let?
- My brother is intent on letting his apartment out on the QT without consent to let via his mortgage provider M&S Bank. He has been on an interest only loan since 2009. Currently owes £112k, having bought the flat for around £125k. In the absence of gaining consent to let by M&S Bank, exactly what sanctions is he likely to face?
- After 17 years in London, I'm considering relocating to be nearer to family. We've only been homeowners for the last two years and about to refinance with M&S Bank. In the relocation destination, we are be looking at a 4 bedroom house around the £275k mark. I would preferably like to retain my existing property. Could I ask for Consent to Let from the proposed new mortgage provider M&S Bank. If granted what are the likely conditions?
- We are planning to rent out my flat for 12 months from 30th July 2016. Is there conventional wording for a letter I can use to send to M&S Bank to request consent to let.
- Will M&S Bank choose to operate a right to convert the rates on a owner-occupier mortgage where Consent to Let at any time, onto ‘rates equivalent to their BTL range'? Can one remortgage on a consent to let with M&S Bank?
- Just wanted to know what needs to be provided to M&S Bank in order to get consent to let? I just finished a three year fixed mortgage and thinking of moving to another house with my wife.
- I have a domestic mortgage with M&S Bank which is only six weeks in but I have been relocated with my job. Is it possible to get consent to let from M&S Bank for a mortgage that has only recently started and I have just bought the property?
- Seven weeks ago I completed my homeloan with M&S Bank since when my boyfriend has proposed and we are deliberating whether to live in his house or mine. Would I be allowed consent to let if I were to move into his property
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above M&S Bank consent to let Questions and Answers
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
If 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 may result in your insurance becoming null and void. 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 breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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