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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.
Recently asked questions relating to Metro Bank consent to lease
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Do I need consent to let from Metro Bank or can I let my property without telling Metro Bank and having to transfer to a B2L mortgage?
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I work for a letting agency in loc and have been ask but a prospective tenant of a property for sight of the ‘consent to let’ from the owners lender Metro Bank. Is there a new law that has triggered this question?I have not come accross this before, is this a new legal requirement?
- We are in possession of a mortgage offer from Metro Bank, but we hit a brick wall. My husband is a teacher in a boarding school, whereby we are provided with a residence as part of his employment. We wanted to purchase a studio flat with a view to joining the property ladder, and let it out while we're in school accommodation. I had thought Metro Bank would be willing to give consent to let from day one of the loan. It appears that we may not be granted consent to let. Can you give me any ideas what we can do?
- Hello, I have consent to let my property with Metro Bank and am now looking to give my tenant two months notice as I intend to sell the property. I am concerned about the property being empty once the tenant goes and finding a purchaser. Not once have I defaulted on the account, would it be possible to take payment holidays until I complete the sale?
- I am interested in finding out more about the Metro Bank consent to let process and prerequisites for granting.
- As of today I have a mortgage with Metro Bank. I am considering renting and buying another property but this is all new to me. What is the procedure for consent to let?
- My partner and I have a mortgage with Metro Bank but am told they have a policy that they do not give consent to let the property to a housing association. Is this true and if so, can you suggest a way round this?
- We have a mortgage with Metro Bank and would be thinking about purchasing another main residence and then subsequently renting our current property out. Do I need consent to let from Metro Bank?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Metro 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
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 could 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 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 restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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