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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.
Questions and Answers: Metro Bank consent to let
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Within the next few days I intend to apply to Metro Bank for consent to let out my house in Metro Bank. However I currently have the property for sale but there without a sniff of interest and paying a full mortgage, council tax and insurance on unoccupied house is a financial drain. What approach would Metro Banktake if I market the property?
- My flat has a mortgage against it with Metro Bank and I have been letting out the property without consent to let, making me in contravention of my mortgage contract. I suspect that they have found out that I am not living there. What negotiating options do I have if I fail to sell it in time before they are on notice that I am in contravention of my terms and condition?
- Me and my partner may be presented with an opportunity to work in a different office in the UK for a three months and wish to know if we can lease out our existing property. It is a 2 year fixed rate and we are six months into the mortgage with Metro Bank. We have lived at the property for nearly four years. Our LTV is 70%. What are the chances of obtaining consent to let from Metro Bank? What can we expect in fees etc
- I am looking for some precautionary insight as to whether consent to let is a feasible option. I bought my flat 8 months ago by porting an existing Metro Bank mortgage product. My fixed rate finished four months ago. I'm currently deliberating moving in with a new partner who has his own property and mortgage also with Metro Bank, which I would not seek to be added to. I don't want to sell my property yet because I'm unsure of whether the new move will work out. I don't want to move to a buy to let mortgage yet for 2 reasons: 1) I need to find out whether letting my property is a viable option for myself and 2) I need to come up with additional capital to satisfy the 65% LTV ratio required for a buy to let mortgage. It would be preferable to receive consent to let from Metro Bank for a couple of years in order to be more secure in becoming a possible landlord and to raise the capital. If at the end of the consent to let period I was unsure I would probably either sell my property or, depending on the new relationship working out, reoccupy it.
- I am nine months into a three year domestic mortgage with Metro Bank. Just enquiring whether it's ok to rent out the flat on my existing home loan. Will Metro Bank issue consent to let?
- I am interested in some advice on how best to approach my mortgage company Metro Bank regarding a 'Consent-to-Let' application. Is this something you can assist me with ?
- I have a mortgage with Metro Bank taken five months ago where I moved from another lender. Am I now able to rent my property with consent to let from Metro Bank as I am planning to buy a further property.
- 17 months into mortgage with Metro Bank due to job offer.. need to move. Is it possible to get buy to let or consent to let.
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 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
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 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
Omitting to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Metro Bank