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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.
Common questions relating to Birmingham Bank consent to lease
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I’d appreciate your advice if you have had experience asking for Consent to Letfor12 months from Birmingham Bank or whether you have any tops as to how such permission is obtained.
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I have been letting out my flat with "consent to let" from Birmingham Bank on a residential mortgage for the previous 24 months. Birmingham Bank have just written revoking consent to let if we do not switch to one of their "buy to let" deals.
- Me and my brother jointly own a flat in Tower Hamlets with a Birmingham Bank mortgage. I want to leave and buy a house with my fiancee. How would I deal with renting out my room? Would I require consent to let via Birmingham Bank. My brother will continue to reside in the apartment
- The likelihood is that I will have the opportunity to work abroad in a couple of years. I am therefore potentially scaling down to a newer flat in Lambeth which I could rent out with less difficulty as and when required. The intention is to keep half the equity in the new property which would be my home for a while. My existing mortgage provider will only issue consent to let for a year. I suspect renting it out longer term and not having consent could land me in a whole host of trouble. BTL seems inappropriate when I will be living there, perhaps for 2-3 years initially. What product should I be seeking, and from which lender? Do lenders such as Birmingham Bank issue consent to let for an open ended period?
- I'm gathering some information on whether consent to let is something available to me? We have a mortgage with Birmingham Bank and are considering renting the property out for a couple of years, but cannot really afford to change to a buy to let mortgage. The estate agent mentioned something about a content to let
- How much is it to get a consent to let from Birmingham Bank on my residential property. Recently I have moved in with my partner and have a family member renting from me.
- Do I need to wait for consent to let to be issued on my existing residential mortgage with Birmingham Bank before applying for a resi mortgage on a second property?
- I might be looking to lease out my property and wondered what I would need to do to obtain consent to let from Birmingham Bank. I may be emigrating permanently.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above Birmingham Bank 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 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
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 terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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