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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.
Metro Bank Consent to Lease Example Support Desk Enquires
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I have a standard mortgage over my property in loc and am due to relocate to country for a couple of years. During this time frame it makes financial sense to let out my flat. My bank refuses to issue a consent to let. I wish to avoid taking out a buy to let mortgage as it’s only a short term option that I am going away for.
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Metro Bank have just granted me consent to let. After some effort, Metro Bank have issued me with ‘consent to let’ confirmation . The conditions attached to the consent refer to an assured shorthold tenancy. Can you explain what this is?
- We are a newly married couple and we found a property in Merton that we like and want to take out a mortgage with Metro Bank. Our concern is that I am pregnant and might give birth any time soon as I am on the last few weeks of pregnancy. This means that it would not be possible for us to move right away so we are contemplating living with my mum and dad for about six months. In the meantime, if we secure this property, we can lease it out. We just wondering how will that work out? Will we be liable to obtain consent to let by Metro Bank
- We have a fixed mortgage with Metro Bank (with a little under one year left) but due to redundancy want to move away from NW London (actually to a new job in Belgium) and so want to lease the property out. We are keen to avoid the expense of a repayment penalty and understand that some lenders happily give this 'consent'...what is the approach adopted by Metro Bank?
- I are thinking about applying to Metro Bank to obtain consent to let our house, how long does it take from the point of sending the forms to us finding a letting agent and listing our house for rent? and are there any further steps in the process?
- I would like to let my property for two years at most. How do I go about getting consent to let from Metro Bank who I have a mortgage with?
- I am enquiring as to whether there are any restrictions in getting consent to let on a freehold property when I have a mortgage with Metro Bank
- I took a standard mortgage with Metro Bank. I acquired the property in November two years ago. How difficult will it be to get consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental 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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 lease may prohibit 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 breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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