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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.
Recently asked questions relating to Birmingham Bank consent to lease
- I have just received a mortgage offer with Birmingham Bank. I anticipate that I will complete in the next few weeks, however it looks as though I may be posted overseas for work. How likely is it for me to obtain consent to let from Birmingham Bank within a few months of completing. Do I have any other options?
- After retiring in June I purchased a “retirement home” for my wife and myself to move to. Our intention is to let our current property to our nephew and I have consequently contacted Birmingham Bank for consent to let. What are the chances of this being given?
- My partner and I may have to lease his apartment out. I am aware that I require consent to let from Birmingham Bank. We plan to join a landlord association if we decide to let the flat, but are there any opinions on which is the best? We've come across the RLA and National Landlords Association.
- Since we are relocating and failing to sell our property, we are mulling over letting it out. Am I duty bound to disclose this to Birmingham Bank? If we do, I think they will want to change our mortgage to buy to let and load the rate which we can't afford. I thought if you continued making my monthly payments it shouldn't be an issue, but am now nervous about insurance consequences if we haven't come clean. Any advice?
- I'd like to know if on the balance of probabilities Birmingham Bank will give consent to us letting out our residential property in Lewisham
- My husband and I are interested in finding out more about the Birmingham Bank consent to let process and conditions for granting.
- My wife and I have a owner-occupier mortgage with Birmingham Bank and are considering obtaining consent to let so that we can apply for a further mortgage on another property that I own on a buy to let basis. Before we apply We would be interested to know the repercussions if any of making the change and any facts that we need to consider.
- I am looking at taking a job in France and have been advised that I need to let Birmingham Bank know so my mortgage is under consent to let? Please could you clarify the best way to go about this?
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Information to consider in supporting 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
Where 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 may 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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
If you do not keep up the payments on your mortgage with Birmingham Bank your property may be repossessed