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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.
Top Five Questions relating to Metro Bank consent to lease
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Always on the look out for a money making scheme I am contemplating leasing out my apartment and generate some income while I am on vacation. It will only likely be for four weeks. Will consent to let be needed from Metro Bank?
- My OH and I are presently 1 year into a year fixed rate mortgage with Metro Bank. We would like to buy a larger 2nd property in the next year however would prefer to retain the first property and I was enquiring as to what reason we could put down on the consent to let application to get their approval
- Much to my surprise I have been offered an excellent job opportunity for 6 months in New York. I have enough savings to cover the monthly Metro Bank mortgage yet the block insurance requires continuous residency in order to be valid. Last Christmas the roof had some leaks that were repaired. If there happened to be any problems through the winter months I would struggle to cover the remedial works. Would I be eligible for consent to let by Metro Bank for the time I am overseas?
- I am currently a Metro Bank mortgage borrower in need of consent to let on my current property. We would like to buy in close proximity to where we are based with the Royal Air Force,... but we may have to move.
- This is not a question specific to Metro Bank but do mortgage companies usually supply the information I need for my Buy to Let or Consent to Let self-assessment tax returns?
- I am looking to Metro Bank to issue me with consent to let out my flat in Harrow. I am about to commence a PhD opportunity in Maastricht University, Netherlands
- My Metro Bank mortgage rate finishes this year can I move to a interest only with consent to let?
- My work commitments are changing and this could result in mebe in different places a lot and in the circumstances I wanted to get to grips with the procedure for seeking consent to let with Metro Bank
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Metro 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
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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of your covenants under 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.
If you do not keep up the payments on your mortgage with Metro Bank your property may be repossessed