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Need professional advice for your consent to let with Birmingham Midshires? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Sample questions relating to Birmingham Midshires consent to let
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I work for a letting agency in loc and have been ask but a prospective tenant of a property for a duplicate of the ‘consent to let’ from the owners lender Birmingham Midshires. Is there a new law that has triggered this question?I have not come accross this before, is this a new legal requirement?
- I took out a new mortgage with Birmingham Midshires recently, borrowing extra with the intention to extend the property. That plan has proved not to be possible and I now intend to purchase a second property as my primary home and rent the existing property out with consent to let. Is that likely to result in me stitching myself up?
- I want a bit of precautionary insight to consider if consent to let is a sensible proposition. I completed the purchase of my apartment 7 months ago by porting an existing Birmingham Midshires mortgage product. My fixed rate came to an end three months ago. I'm currently deliberating moving in with a new partner who has his own property and mortgage also with Birmingham Midshires, 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 change 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 find extra capital to meet the 65% LTV ratio required for a BTL loan. Ideally I would like to receive consent to let from Birmingham Midshires 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, move back to it.
- A colleague recently sought CTL from the Woolwich which they turned down citing that the mortgage had not been in place for six months. I am about to ask for consent to let from Birmingham Midshires. Will they take the same stance?
- What do the Birmingham Midshires terms and conditions for consent to let look like?
- We have a owner-occupier mortgage with Birmingham Midshires and are deliberating on 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. Ahead of applying I would like to know the consequences of making the change and any facts that we need to be aware of.
- Is it possible to negotiate a consent to let from Birmingham Midshires if I have a current mortgage which has been in place for seven years?
- My partner and I took out a mortgage with Birmingham Midshires a few months ago and although it's still early days we may have to relocate around next July or August and would like to be able to lease our flat out. Would this be possible with a non- buy to let mortgage?
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General Advice to read in supplemental the above Birmingham Midshires consent to let Questions and Answers
Tax and Legal
There are numerous potential 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
If 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 could trigger your insurance becoming invalid. 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 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 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 Birmingham Midshires your property may be repossessed