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Need professional advice for your consent to let with Birmingham Bank? 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 Birmingham Bank consent to lease
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I'm about to contact Birmingham Bank to obtain consent to let out my property in Birmingham Bank. However the property has been on with agents for few weeks but there are no takers and forking out for a full mortgage, council tax and insurance on vacant house is draining me financially. How are Birmingham Bank going to react if I market the property?
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What options are open to me if my application for consent to let is turned down by Birmingham Bank?
- I rented my house out for three years between 2009-2012 while employed in New York. I have a letter dated March 2010 from the building society granting consent to let. In the letter it clearly states that the consent to let is valid for "the remaining term of the mortgage". I have not remortgaged since the letter was issued. I now plan to move house and rent out my existing house. However, my IFA has suggested that the 2010 consent to let letter may not satisfy the new lender Birmingham Bank for the house I wish to buy.Can this be right
- We are in need of a bigger house so our kids don't have to bunk together. We are planning to purchase another house next year. The house is estimated to be worth £185k and we have about £55k left to pay on the Birmingham Bank mortgage. We would ideally like to keep this house if possible and rent it out with consent to let. Can you have a mortgage on two properties at the same time or do we first need to redeem our existing mortgage?
- How much is it to get a consent to let from Birmingham Bank on my residential property. Last week I moved in with my wife and have a friend renting from me.
- We are about to buy a property and plan to live in it once we have renovated but we may need to let the property out but not sure what the rules are on consent to let from Birmingham Bank? We don't need a buy to let mortgage because we are not certain if we will need to let it out at all
- I am trying to find out if Birmingham Bank will grant consent to let in a situation where we need to move closer to relatives in a different house albeit that we may move back the future if circumstances change.
- Do you know if there is normally a maximum loan to value amount before Birmingham Bank will grant 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 Birmingham Bank consent to let information
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 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 breach of 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 taking legal action 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 Birmingham Bank