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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.
Birmingham Bank consent to let: Q and A’s
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Due to problems with the area we live in (it's rough!), we are now looking to move. As disposing of the property will trigger a hefty redemption penalties to Birmingham Bank of £4000, we thought that it would be sensible to rent it out. So, we need to obtain a consent to let from Birmingham Bank only for less than a year. What can I do to get consent?
- I have a homeowner mortgage with Birmingham Bank and will be joining the Royal Fleet Auxiliary in August. This is a civilian manned fleet owned by the MOD. I will be at sea four months on and three months in the UK. During my time away I want to rent out my house in Islington and live with my brother when on shore. If Birmingham Bank refuse are there mortgage companies that might be amenable?
- A friend of mine recently sought CTL from the Woolwich which they turned down because the mortgage had not been going for six months. I am about to seek consent to let from Birmingham Bank. Do they have the same rule?
- My fiance and I might have to let out her flat, and I have a query regarding obtaining permission to do so. I know I need to notify Birmingham Bank and get a consent to let or move across to a BTL product. Given that the property is leasehold do we need consent to let from the residents association?
- My partner and I have a Birmingham Bank mortgage currently and potentially want to let it out for a short period of time with consent from Birmingham Bank for (two years). Just wanted to know is it something that is obtainable relatively quickly?
- I recently bought a property with 10% deposit for personal reasons. A mortgage was taken with Birmingham Bank. However my circumstances have now changed. I am being transferred out of the location. Am I able to get consent to let from Birmingham Bank and put the property up to let?
- I have only recently completed my mortgage with Birmingham Bank since when my boyfriend has proposed and we are deciding whether to reside in his house or my property. Would I be allowed consent to let if I were to move in with him
- Do you have the address to which a Consent to Let request to be sent for Birmingham Bank? Sorry about bothering you with this query.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Birmingham Bank consent to let Info
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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 restrictions are not strictly observed you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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