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.
Birmingham Midshires consent to let: Q and A’s
- I am currently in the process of emigrating to Beijing . As opposed to finding a buyer, I wish to let my existing property out, just in case things turn out badly and I decide to return within one or two years. I have a current mortgage is with Birmingham Midshires. Would I be able to remortgage with another mortgage provider on a much lower interest rate then apply for Consent to Let once the refinancing has completed?
- I have been foolish in failing to notify Birmingham Midshires that I’m renting my two bedroom first floor purpose built flat out. My most recent tenants have left the place in a mess and I need to claim on malicious damage. I’m concerned that my insurer will contact Birmingham Midshires, and secondly if they do inform them, what are they likely to do given the absence of consent to let?
- We have just sorted our rates for another fixed five years with Birmingham Midshires. Some weeks later, I went to an interview and basically I accepted the job offer in Bromley. I'm going to rent a one bed flat for the family in Greenwich as we don't wish to sell the house and moreover we might come back before two years.... We really have no idea how things will work out. We have contacted Birmingham Midshires but we would like also your point of view please. How is it to receive consent to let in that case as we secured a fixed 5 years rate we really don't want to lose this rate.
- Am I required to notify Birmingham Midshires of my intention to rent my property out as a holiday let for twelve weeks. Can you help clarify? I am seeking separate advice on the insurance, legal and tax side of things .
- I'm planning to move to Kenya for a couple of years for my job but I don't want to convert my mortgage to BTL as I want to move back into it when I return. Do you know if Birmingham Midshires charges extra on the interest? Is there any way around this?
- I will have to move to Miami for a couple of years, I have a property with a Birmingham Midshires mortgage. Do I need to obtain consent to let? Will they be cooperative?
- I have separated from my wife and we have each moved into our parents house and intend to divorce. What do I have to do to get Birmingham Midshires to give consent to let the property out to students?
- Was wondering how to precure a consent to let from Birmingham Midshires with whom I have a mortgage with. There is an outstanding balance of 87k. The value of house is 220k. Property is in my name but my wife and I would like to purchase a ground floor flat in Hackney we have seen together. How do we go about it?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Birmingham Midshires consent to let Info
Tax and Legal
There may be various 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 notify them could trigger 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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Birmingham Midshires your property may be repossessed