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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.
Questions and Answers: Birmingham Midshires consent to let
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Birmingham Midshires have just granted me consent to let. After some effort, Birmingham Midshires have issued me with ‘consent to let’ confirmation . The conditions attached to the consent refer to an assured shorthold tenancy. Can you explain what this is?
- If I were to let out my three bedroom first floor purpose built flat with consent to let via Birmingham Midshires, what evidence would be required of the letting? If after 1 year I decided to let it on a number of holiday term rental, do I still need to provide evidence to Birmingham Midshires, or will they leave me alone as long as they receive payment each month? By way of example if I let the rooms separately at some point in the future, is there any reason for Birmingham Midshires to know and would they take issue?
- What is the process for obtaining consent to let from Birmingham Midshires? What evidence do they ask for? is there a fee to pay? How long the consent is valid for? Do I need to renew it annually? What if I obtain a consent but decide not to lease out the property?
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I have a current mortgage contract with Birmingham Midshires and wish to clarify if it would be possible to obtain consent to let out our one bedroom apartment in Bromley.
The purpose for needing to find tenants for the property are as follows: -
- My wife and I will be migrating to Melbourne early next year.
- In renting out the property this will facilitate savings to assist with the migration process.
- It would be pointless from a financial perspective to pay outright for a property which we are not living and by renting out the place this would be deemed as continuing investment.
If Birmingham Midshires agreed that we are able to proceed with renting we would suggest some financial assurances which are as follows: -
- Maintain paying the monthly mortgage payment directly from my current account.
- Instruct an approved letting agent who will provide a rent guarantee scheme as a further financial protection.
- Supply our forwarding address for when we move.
- My mortgage company refuse to issue consent to let without a move in date confirmed with a tenant. How can I confirm this whilst lacking consent to let? I am not sure but I think my friend had a similar issue with Birmingham Midshires.
- My husband and I have a letter to Birmingham Midshires requesting consent to let signed and ready, but I'm not sure what address I should forward this to. Can you please help me with the address?
- If I were to apply for consent to let from Birmingham Midshires what is the time scale Birmingham Midshires would take to make a decision?
- Last month I bought a property with 10% deposit for personal reasons. A homeloan was taken with Birmingham Midshires. But my circumstances have now changed. I am being transferred out of the location. Am I able to obtain consent to let from Birmingham Midshires and put the property up to let?
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Important warnings to consider in in addition to the above Birmingham Midshires consent to let Questions and Answers
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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Birmingham Midshires