Need Help?
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.
Questions and Answers: Metro Bank consent to let
- I have a friend who is considering leasing their property out and moving in with partner. The property is in Newham and has a £80k home loan with Metro Bank. What would she need to do to get consent to let if she decides to proceed.
- At the moment have a three year fixed rate home loan with Metro Bank that we're about a year into. Our circumstances have now altered and we would like to let out our house for a while and whilst we relocate to Enfield. How do we minimise the possibility of Metro Bank refusing to grant consent to let.
- I am looking for some feedback as to whether consent to let from Metro Bank is the right approach. I purchased my house last June by porting an existing Metro Bank mortgage product. My fixed term came to an end five months ago I'm currently considering moving in with a new partner. I don't want to sell my house yet because I have no idea as to whether the new move will prove successful. I just wanted an idea of whether a consent to let from Metro Bank would be possible?
- In 2003 I was issued with consent by the local authority and my mortgage provider Metro Bank to convert a small barn into a granny annex, conditional on it not being disposed of separately from my property. My parents died some years ago and I would now like to rent it out with consent to let from Metro Bank. Do you think this can be obtained?
- I’ve already been told to write a letter to Metro Bank to obtain consent to let, I'm just trying to find some guidelines on the letter? What I should or shouldn't include?
- Prospective tenants are about to rent my property and I have mortgage offer from Metro Bank on new house on condition of consent to let for original house. How long should it take to receive letter once I send back a completed application with cheque.
- I are considering applying to Metro Bank to obtain consent to let our home, how long does it take between sending the forms to us finding a letting agent and listing our house for rent? and are there any additional steps we will need to go through?
- I am interested in some advice on how best to approach my mortgage lender Metro Bank regarding a 'Consent-to-Let' application. Is this something you can assist me with ?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Metro Bank consent to let Info
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
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
If your property is leasehold, the lease may prohibit 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 the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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 Metro Bank your property may be repossessed