Need Help?
Need professional advice for your consent to let with Birmingham Bank? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Common questions relating to Birmingham Bank consent to lease
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Can one refinance on a consent to let with Birmingham Bank?
- May I ask if it is probable that I will receive consent to let with residential loan with Birmingham Bank? We are preparing to relocate to Southwark to live nearer to our children’s school, but we are uncertain if the relocation will be permanent.
- I purchased a house 3,two years ago in Manchester when I worked locally. I got a new job which necessitated working in Luton. I drive down on Saturday afternoon and live with a relative during the week. I am now considering relocating with the family to avoid the commute. I am exploring the possibility of renting out my existing home. My mortgage is with Birmingham Bank, would I have to change my mortgage rate or should I apply for consent to let?
- My husband and I have a domestic mortgage with Birmingham Bank. My company has offered me a house as part of my job and wish to let out my existing property. My financial advisor has informed me it is a formality. Can you give me some information please?
- Our Birmingham Bank mortgage is coming up for renewal. We would like to apply for a new residential mortgage and then seek consent-to-let. Is this possible? We don't use the house much now that our kids are growing up, and would be better used as a rental.
- Me and my sister and I would like to obtain consent to let on a house where we have a mortgage with Birmingham Bank. If granted, how long would consent be given for? In seeking consent to let from Birmingham Bank are we running the risk of them forcing us to change deal to buy to let
- Last month purchased a three bed flat in Barnet. I am first time buyer. I am moving Glasgow next month, can I get consent to let from my lender Birmingham Bank or do I have to wait six months?
- I was wondering if you can help. I do not have consent to let from Birmingham Bank and would like to know if this option is available to me to move to as I must move back home to look after my mum
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Birmingham Bank 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
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
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Birmingham Bank