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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.
Questions and Answers: Birmingham Bank consent to let
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I’d appreciate your advice if you have had experience applying for Consent to Letfor12 months from Birmingham Bank or whether you have any tops as to how such permission is obtained.
- I plan to move home and I am enquiring if I can get consent to let on my house then get a mortgage approval for the new house so I can effectively bid without being part of a chain and then rent my property out when I move. Is it likely that Birmingham Bank grant consent to let for six months if they know I am wanting to buy somewhere else or only if I am relocating temporarily with work?
- We bought a house ten years ago with the help of a housing association, I own 50% through bank loan and rent the remaining half. Three years ago I purchased a new home. I rented out my first property and moved to the new home. I obtained consent to let from my mortgage company and I believed I had consent to let from the housing association. Earlier this week I had a phone call from the housing association advising they had nothing on record to say I had attained consent to sublet. What do I do now?
- Last month I received consent to let on a normal loan with Birmingham Bank with the intention of transferring to a BTL rate when the fixed term ends in a few months' time, so I'm uncertain if this adds to the complexity of the issue! Any guidance gladly appreciated.
- Birmingham Bank residential mortgage. Will they grant consent to let a house for two years? I reoccupy as an occupier.
- Please can you set out the process for procuring consent to let by Birmingham Bank? Is there specific requirements for instance you have to reside in the property for a year before its granted?
- I am interested in some advice on how best to approach my mortgage lender Birmingham Bank regarding a 'Consent-to-Let' application. Is this something you can assist me with ?
- My partner and I have 5 months to run on a 2 year residential mortgage with Birmingham Bank but now lease the flat out. is it safe to assume they will just charge a flat fee for consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Birmingham Bank consent to let information
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 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 conditions are not complied with you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Birmingham Bank your property may be repossessed