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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.
Frequently asked questions relating to Birmingham Midshires consent to lease
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I have a regular mortgage over my home in loc and am due to relocate to country for a couple of years. During this time frame I want to let out my apartment. My mortgage provider has declined to grant me consent to let. I am not inclined to transfer to a buy to let mortgage as it’s only for a limited time-frame that I am abroad for.
- Hi, I have a mortgage on an apartment with Birmingham Midshires and I am pondering on the idea of letting the property out. Could this be done without switching to a buy to let or receiving consent to let from Birmingham Midshires?
- I currently have a residential mortgage with Birmingham Midshires. My company has offered me a property as part of my job and would like to let out my current property. The mortgage advisor has advised me it is a formality. Are you able to provide me with some information please?
- The plan is to move in with my partner and I have let my property out to two tenants on a one year tenancy. I am now applying for consent to let from Birmingham Midshires but what if they refuse. I can’t rescind on my contract in terms of not renting the students as they have all signed up. On the flip-side Birmingham Midshires could take me to court for contravention of contract i.e. letting it out without consent to let.
- I am endeavouring to discover which mortgage providers are best for giving consent-to-let without raising rates, and hopefully permitting in excess of 2 years if required. Is that something you can assist me with? We are particularly interested in Birmingham Midshires
- My wife and I have a mortgage with Birmingham Midshires but am told they have a policy that they refuse to issue consent to let the property to a housing association. Is this right and if so, is there a way to bypass this?
- I currently have a residential mortgage with Birmingham Midshires and plan on letting due to work being based in Bristol. In asking for consent to let from Birmingham Midshires do I run the risk of them forcing me to change deal to BTL
- Last month purchased my home and took out a mortgage with Birmingham Midshires but my boyfriend has asked me to move in with him. Would I be granted consent to let?
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Caveats to be read in supplemental the above Birmingham Midshires consent to let Questions and Answers
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 notify them could result in 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
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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 Birmingham Midshires your property may be repossessed