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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 Lease Example Support Desk Enquires
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Do I need consent to let from Birmingham Midshires or can I let my basement flat without telling Birmingham Midshires and being forced to transfer to a buy-to-let loan?
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What is the most extreme action Birmingham Midshires can take if I have rented my property if consent to let is not first obtained?
- Me and my husband are in a complex mortgage situation currently. We have to rent our house with consent to let and move to a new due to schooling. We are about to rent a house. We are finding it very difficult to find a better mortgage deal for our consent to let home. Is there is a list available as to which lenders grant consent to let and what their conditions are?
- Is it correct that mortgage providers (my home loan is with Birmingham Midshires) have changed tune and are now taking a more lenient approach towards consent to let? A mortgage adviser recently mentioned to me that Buy to let mortgages are not regulated by the FCA whereas residential mortgages are. Therefore if I transfer from a homeowner to a BTL I am moving to a regulated product. His belief was that under the current regulation lenders are reluctant to allow borrowers do this, which is likely why some lenders will allow borrowers obtain consent to let but not move to a Buy to let mortgage. Is this correct?
- Due to job opportunities I will be relocating to Scotland and would like to let out my flat temporarily, are you able to confirm what steps I need to take in order to achieve consent to let from Birmingham Midshires?
- My wife and I have a consent to let letter that I have procured from my management company. I presume I need to send this with a letter to Birmingham Midshires with a view to seeking consent to let from them. What address shall I post it to?
- I am already leasing out my property but may have been found out. I have four months left on my fixed rate. Is it simple to get consent to let from Birmingham Midshires. Is it just a quick phone call, pay the fee and that's it?
- I have a mortgage with Birmingham Midshires taken three months ago where I moved from another lender. Am I now able to rent my property with consent to let from Birmingham Midshires as I am looking to purchase a further property.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above Birmingham Midshires consent to let information
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
Failure 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
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 violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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