Need Help?
Need professional advice for your consent to let with Birmingham Midshires? 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 Midshires consent to lease
- I need to move my daughter’s school by early-August and move to a new area. there is insufficient time to find a buyer for my house.The short term option is to lease my house out. Currently I have buildings and contents insurance. Am I obliged to take out a different insurance? Do I need consent to let from my mortgage company Birmingham Midshires
- We are a young couple and we have identified a home flat in Lewisham that we like and wish to get a mortgage with Birmingham Midshires. The issue is that I am pregnant and about to give birth any time soon as I am on my 9th month of pregnancy. This wouldn't make it impossible for us to move straight away so we are considering living with my mum and dad for the next few months. Meanwhile, if we secure this property, we can let it out. We just wondering how will that work out? Will we be liable to be given consent to let by Birmingham Midshires
- 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 Bexley which I could rent out more easily as and when required. The intention is to keep half the equity in the new apartment which would be my home for a while. My existing mortgage co will only issue consent to let for 12 months. I anticipate renting it out longer term and not informing them could land me in a whole host of trouble. Buy-to-let seems inappropriate when I will be living there, maybe for 2-3 years initially. What product should I be seeking, and from which lender? Do lenders such as Birmingham Midshires issue consent to let for an open ended period?
- I have a three year fixed rate mortgage with Birmingham Midshires which began in April. I will be moving out in January and have people ready to let my flat. I need to get a letter from Birmingham Midshires granting consent to let until my term is up to allow me to start a new mortgage. How do I go about this?
- My fixed rate loan with Birmingham Midshires expires in march and have to relocate for work then. What are the chances that I will be able to both remortgage and gain consent to let?
- What information should I include in a letter requesting consent to let my house in Tower Hamlets? I would like to send a request to my lender Birmingham Midshires.
- I have a mortgage with Birmingham Midshires taken four months ago where I moved from another mortgage provider. Can I now rent my property with consent to let from Birmingham Midshires as I am planning to buy another property.
- Me and my husband may have to lease our home temporarily due to a new job. This will be for a limited period but no more than threeyears. Should I tell Birmingham Midshires or do I keep schtum?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above Birmingham Midshires consent to let Advice
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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 Midshires your property may be repossessed