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
- I have a standard mortgage with Birmingham Midshires and will be joining the Royal Fleet Auxiliary in January. This is a civilian manned fleet run by the MOD. I will be at sea four months on and three months in the UK. Whilst away I want to lease out my house in Hackney and move in with my brother when on shore. If Birmingham Midshires refuse are there mortgage companies that will allow this?
- I am looking for some initial feedback to consider if consent to let is a feasible option. I completed the purchase of my flat 7 months ago by transferring an existing Birmingham Midshires mortgage product. My fixed rate expired 4 months ago. I'm currently considering moving in with a new partner who has his own property and mortgage also with Birmingham Midshires, which I would not seek to be added to. I don't want to sell my property yet because I'm unsure of whether the new move will work out. I don't want to transfer to a buy to let mortgage yet for 2 reasons: 1) I need to find out whether letting my property is a viable option for myself and 2) I need to find extra capital to satisfy the 65% LTV ratio required for a BTL mortgage. Ideally I would like to obtain consent to let from Birmingham Midshires for 1-2 years in order to be more secure in becoming a possible landlord and to raise the capital. If at the end of the consent to let period I was unsure I would probably either sell my property or, depending on the new relationship working out, move back to it.
- As we are relocating and unable to sell our property, we are considering renting it out. Is it imperative to advise Birmingham Midshires? I am concerned that Birmingham Midshires might change our terms. I was hoping that if I continued paying on time it shouldn't be an issue, but am now nervous about insurance consequences if I have let my property out on the sly. Any advice?
- I have been a mortgage holder with Birmingham Midshires for since 2009. My divorce went through four years ago and bought the ex wife out. My circumstances have changed, I would like to keep my house but move in with my new partner, renting my house out. It has been suggested by my broker that I can seek consent to let from Birmingham Midshires instead of a BTL mortgage as I I did not buy the house with the intention of letting it out, your feedback would be appreciated?
- I’m about to finish the fixed rate period of my two year fix with Birmingham Midshires and go on to the current variable rate. Can you tell me if consent to let from Birmingham Midshires is possible, if there are fees, and if there are time limits?
- I'm applying to switch mortgage provider to Birmingham Midshires for a fixed rate but during this period would need to rent the flat out for about 12 months. Do Birmingham Midshires consent to let on fixed rate mortgages and if so, what are the procedures.
- Can I refinance with Birmingham Midshires with consent to let if my fixed rate is about to expire. Circumstances would not have changed.
- I am trying to find out if it is possible to get a consent to let mortgage with Birmingham Midshires rather than a buy to let mortgage
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 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
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 inform 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
Should the tenure of your property be 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 trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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