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.
Sample questions relating to Birmingham Bank consent to let
- I have a house in Merton but I am moving with my girlfriend to a different town for work purposes and moreover close to her university. Im keen retain the property but not sure I can afford a buy to let mortgage. It will only be short term -two years until my girlfriend has finished University and I can sell, or move elsewhere. My mortgage is with Birmingham Bank. Do you think they will grant consent to let?
- Me and my OH and I I have a homeowner mortgage with Birmingham Bank but I would like to occasionally let the property out on AirBnB....am I obliged to obtain consent to let from Birmingham Bank?
- My partner and I (joint owner) are considering refinancing with Birmingham Bank. I was conducting some research concerning consent to let from Birmingham Bank to understand the rules around potentially leasing our current apartment out (probably in a in a couple of years time) if we moved away. The apartment in question was a first-time purchase for us about 2 years ago. We are living there at the moment.
- I was just looking for advice on whether I will be allowed to change a homeowner mortgage with Birmingham Bank to a consent to let. It will be less than 70% ltv and it would alter from repayment to interest only?
- My partner and I were enquiring if it's possible if you own one property with consent to let from Birmingham Bank, to buy a second with a domestic mortgage to live in. Then once the consent runs out on the first property, to convert to buy to let or sell it?
- I am just finding out some information at this stage. My boyfriend has asked me to move in with him and I have been trying to sell the flat but have had no luck whatsoever despite several decreases in price. So now I want to know what I would need to do to get consent to let from Birmingham Bank
- My fiance and I would like to obtain consent to let on a house where we have a mortgage with Birmingham Bank. If issued, 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 BTL
- I was wondering if you could help. I do not have consent to let from Birmingham Bank and was wondering if this option is available to me to move to as I have to move back home to take care of my mum
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above Birmingham Bank consent to let information
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
Omitting 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 your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Birmingham Bank