Need Help?
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
- I will shortly be moving to Australia. Rather than sell my house, I would like to rent it out, just in case things don’t go as expected. My existing mortgage is with Birmingham Bank. If I looked to refinance would a new provider view this as me looking to avoid a Buy To Let mortgage, of which there is very little availability for 80% LTV, and hence turn down my request for Consent to Let?
- I currently have a mortgage offer with Birmingham Bank. I anticipate that I will get keys in the coming weeks, however it looks as though I may be posted abroad for work. How feasible is it for me to obtain consent to let from Birmingham Bank shortly after drawing down on the mortgage. Are there any other options open to me?
- Am with Birmingham Bank and wonder if I am obliged to notify them if we no longer reside in my house. I believe that they could load the interest rate if we move and find a tenant but it's not very apparent what the change would be. Should I decide to let my house out and apply for consent to let how would the payments increase?
- I recently got married and my wife and I would like to buy a family home in the coming year, whilst keeping our one bedroom apartment in Islington we currently live in to rent out. Mortgage on the flat is with Birmingham Bank. I wish to avoid putting myself in a situation with two residential properties only to be refused consent to let.
- I would like to let my house which is on a fixed residential mortgage with Birmingham Bank. What do Birmingham Bank require for me to do to get consent to let?
- My personal situation has changed, and I wish to lease my property out - meaning consent to let- I have approx £175K loan with Birmingham Bank and currently 90k equity I need to avoid the redemption penalties.
- I am just finding out some information at this stage. My boyfriend has asked me to move in with him and I have been trying to sell the flat but have had no luck whatsoever despite several decreases in price. So now I want to know what I would need to do to get consent to let from Birmingham Bank
- Do you know whether Birmingham Bank will accept rental income on consent to let for affordability purposes or does it need to be on a buy to let ? Would Birmingham Bank let me raise capital based on the rental income ?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental 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
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 provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Birmingham Bank