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.
Examples of recent questions relating to Birmingham Bank consent to let
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Due to problems with the area we live in (it's rough!), we now want to move. As selling the flat will trigger a hefty redemption penalties to Birmingham Bank of £2500, we considered that it would best to let it out. So, we need to obtain a consent to lease from Birmingham Bank only for less than a year. Will Birmingham Bank grant consent?
- We recently sorted our rates for another fixed five years with Birmingham Bank. Some weeks later, I attended an interview and basically I accepted the job offer in Southwark. I'm going to rent a small flat for me and my family in Barnet as we don't wish to sell the house and moreover we might come back within a couple of years.... We really have no idea whether it will go. We called Birmingham Bank but we would like also your point of view please. Is it possible to receive consent to let in that case as we just got a fixed 5 years rate we really don't want to change.
- I would like to let my maisonette out from mid June this year as I will be going for a few months. I have a homeowner mortgage with Birmingham Bank. I will not be letting for more than four months. Most likely it will be five months. It has been suggested that I get consent from my freeholder first? Please can you suggest what I should be doing in what order?
- We are locked into a fixed rate mortgage with Birmingham Bank for 2 yrs and have been living in the house for nearly eighteen months. Due relationship issues I need to vacate so I would like to rent the property out. How can I get consent to let from Birmingham Bank?
- My two year fixed rate with Birmingham Bank will soon run out shortly and I will move on to the standard variable rate. Can you tell me if consent to let from Birmingham Bank is possible, if there are cost, and if there are time limits?
- I'm thinking about letting my property on a homeowner mortgage with Birmingham Bank what is the procedure for getting consent to let?
- Do Birmingham Bank respond positively to requests for consent to let? I am just considering this as an option if I move home in the coming months
- I have a mortgage with Birmingham Bank but am wanting to lease my house out and move in with my girlfriend and baby what is required to obtain consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to 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
Omitting 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
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with Birmingham Bank your property may be repossessed