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.
Sample questions relating to Birmingham Midshires consent to let
- What are the chances of Birmingham Midshires in giving Consent To Let on a one bedroom apartment? Agents have had it on the market for six weeks. I am keen to sell but I'm anxious that given the lack of interest I will have to get a tenant in to cover the mortgage to Birmingham Midshires (I do not now live there). My preference is to be up front with Birmingham Midshires than do it on the sly but I am worried as to how understanding they will be.
- Last month I was provided with a job opportunity overseas and wondering if it's a good idea renting my house out. Will Birmingham Midshires allow me to switch mortgage or grant consent to let? If not I will have to think about whether it's worth taking the job. I have no objection to paying more as I intend to come back and live in my home after 1 to 3 years. My agenda here is not to to make money. Just really like my house and wish to return to it at some point in the future.
- My solicitors have served eviction orders on a tenant who had not paid rent. A Section 21 and section 8 have been issued. The tenant's defense for non payment is based on the claim that I lack consent to let my maisonette from my lender Birmingham Midshires
- I have a mortgage with Birmingham Midshires however my husband and I will be relocating to Cape Town in December. The mortgage is in my name yet it is my husband's job that is taking us abroad how do I answer the question: 'please indicate why you wish to let the property':
- My wife and I are planning to ask Birmingham Midshires for consent to let out our property in Bromley. We are relocating overseas for three years and need to rent out the property. I omitted to look into this when we got the Birmingham Midshires mortgage, and that was due to the fact that we never anticipated an opportunity would arise such as this so was planning on occupying the property.
- We are interested in understanding the Birmingham Midshires consent to let procedure and conditions for granting.
- My Birmingham Midshires mortgage fixed rate expires in January and have to relocate for work soon after. What are the chances that I will be able to both remortgage and gain consent to let?
- Is it possible to negotiate a consent to let from Birmingham Midshires if I have an existing mortgage which has been in place for ten years?
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
One thing to remember when arranging a consent to let mortgage with Birmingham Midshires is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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 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 breach of the lease. This could potentially result in 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Birmingham Midshires your property may be repossessed