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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.
Frequently asked questions relating to Metro Bank consent to lease
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We've been renting my wife's old house out with "consent to let" from Metro Bank on a standard mortgage for the previous two years. Metro Bank have put forward an ultimatum revoking consent to let if we do not switch to one of their "buy to let" deals.
- I've been offered a job overseas and wondering if it's worth leasing my property out. Will Metro Bank allow me to change mortgage or grant consent to let? If not I will have to think about whether it's worth taking the promotion. I have no objection to paying more as it is likely that I will return and move into my home after 1 to 3 years. I'm not doing it to to make money. Just love my house and want to return to it at some point in the future.
- I plan to move home. My question is whether consent to let will be given on my house for me to subsequently get a mortgage for the new house so I can put in an offer without being part of a chain and subsequently let my property out when I move. Does Metro Bank give consent to let for 6 months? If so, and the rental goes well can the consent to let time frame be continued?
- I am looking to apply to Metro Bank for consent to let on my existing residential property in Wandsworth. I am planning to draw down equity from my existing property before doing so, and using that money to buy a further residential property. I will move into that house whilst renovating it for nine months after which the intention is to sell it then move back to my existing house. Is this something Metro Bank will consider consent to let for or does this fall outside the standard criteria?
- I am looking to Metro Bank to grant consent to let out my studio flat in Bromley. I am moving to Norway for 8 months on a secondment.
- I was just looking into consent to let as it's something potentially I require from Metro Bank within the next 12 months. Our marital situation has changed, and I would like to rent my place out
- I'm possibly going to NYC for a year with work. Planning on taking the husband with me and hoping to rent our UK property in the meantime on a short term basis to make matters more cost effective. I was just enquiring where I can I get a consent to application form from
- I am enquiring as to whether there are any charges in getting consent to let on a leasehold property when I have a mortgage with Metro Bank
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Metro Bank consent to let information
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 Metro 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
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Metro Bank