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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
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Can you clarify if consent to let obligatory from Birmingham Midshires or can I rent out my garden flat without telling Birmingham Midshires and being forced to transfer to a buy-to-let mortgage?
- I'm presently tied into a rental contract until June and am buying a flat. Would my lender Birmingham Midshires object to granting consent to let until my tenancy finishes and then moving in?
- I applied for consent but I did not get it as I did a remortgage in June but Woolwich does not give consent if mortgage is less than 6 months old. Now I am worried when 6 months is gone are they going to find some additional criteria that will not be ok. On the other hand I can remortgage with Birmingham Midshires but will they give me consent straight away?
- I understand that this is a contravention of Birmingham Midshires terms and conditions of mortgage if I rent out my flat having indicated that I intend to live there. The aim is to repay the mortgage after five years, by which time the property will be unencumbered, meaning I no longer require any consent to let. Birmingham Midshires advised me I can overpay as little as I like during the agreement. I know someone who is interested in renting the property. What are the chances of Birmingham Midshires discovering that I am not residing at the address? Can you set out consequences of not seeking consent to let? From what I have read there is a possibility of Birmingham Midshires levying a fine
- My wife and I are having to move to Australia for eighteen months for my job but I don't want to switch the mortgage to BTL as I want to reoccupy it when I return. Do you know if Birmingham Midshires charges additional interest? Is there any work around?
- I have Birmingham Midshires mortgage and am considering letting the property. I am lead to believe that I would require consent to let to do this...is that true ?
- Please can you set out the process for getting a consent to let by Birmingham Midshires? Is there certain policies like you must reside in the property for a year before its granted?
- 13 months into mortgage with Birmingham Midshires due to work reasons need to relocate. Is it possible to get buy to let or consent to let.
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Information to consider in supplemental the above Birmingham Midshires consent to let information
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
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
If your property is leasehold, the lease may prohibit 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 the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
If you do not keep up the payments on your mortgage with Birmingham Midshires your property may be repossessed