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.
Examples of recent questions relating to Birmingham Midshires consent to let
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Doing everything by the book I’ve been leasing out my house with "consent to let" from Birmingham Midshires on a residential mortgage for the last three years. Birmingham Midshires have now advised that they are withdrawing their consent to let if we do not move across to one of their "buy to let" loans.
- I have leased out my 2 bed flat in Bexley for the last two years, and I didn't realise that I had to get consent to let. I would like rectify the situation. Would this be an issue?
- Am I obliged to notify Birmingham Midshires of my plan to rent a room out to a lodger. I have two spare rooms that could be used by lodgers and I was thinking that as the occupancy remains in keeping with that of the 'family' use of the property it might not require consent to let. Can you help clarify? I am taking independent advice on the insurance, legal and tax ramifications.
- My mortgage is with Birmingham Midshires and wonder if I am duty bound to notify them if we no longer reside in the property. I fear that they may up the interest rate if we move and find a tenant but it's far from apparent what the increase would be. If I decide to let my property out and apply for consent to let how would the payments change?
- I'm thinking about letting my property on a homeowner mortgage with Birmingham Midshires what is the procedure for getting consent to let?
- I am considering relocating with work and would need to rent my property out. I have a mortgage with Birmingham Midshires. My property is worth approx £185k and owe £85k on it. Do you think Birmingham Midshires increase my mortgage rate?
- We have an annexe in our garden. Do we need consent to let this from Birmingham Midshires? If so, what is the process if I would like to switch the mortgage to consent to let?
- I have a mortgage with Birmingham Midshires. I am considering moving out and letting out my house. Am I required to obtain consent to let ?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Birmingham Midshires consent to let Questions and Answers
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
If 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 notify them may result in 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
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 restrictions are not strictly observed you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Birmingham Midshires