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.
Birmingham Bank Consent to Lease Example Support Desk Enquires
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I work for a letting agency in loc and a potential tenant for the house has demanded sight of the ‘consent to let’ from the owners lender Birmingham Bank. Is there a new law that has triggered this question?I have not come accross this before, is this a new legal requirement?
- I'm looking to apply to Birmingham Bank for consent to let on my existing residential property in Waltham Forest. I am looking to draw down equity from my existing house before doing so, and using that money to acquire a further home. I will live in that house whilst renovating it for 6 months after which the intention is to sell it then move back to my existing house. Is this something Birmingham Bank will consider consent to let for or is that out of their criteria?
- I rented my house out for three years from 2010-2013 while employed abroad. I have a letter dated May 2010 from the building society granting consent to let. In the letter it explicitly states that the consent to let is valid for "the remaining term of the mortgage". I have not changed product since the letter was issued. I now plan to move house and rent out my existing house. However, my IFA has suggested that the 2010 consent to let letter may not satisfy the new lender Birmingham Bank for the property I wish to purchase.Can this be correct
- How long must one own a property before you can get consent to let from Birmingham Bank? If granted, can it be revoked months later?
- Will Birmingham Bank want to know my reasons for applying for consent to let? Should I inform them of my possible move overseas?
- We 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 B2L
- I was just enquiring how to get consent to let from Birmingham Bank...do I phone them or apply formally in writing to them?
- Please could you shed light what the procedure would be if we bought a new property and need to apply for consent to let for our existing mortgage with Birmingham Bank
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental 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
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 potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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.
If you do not keep up the payments on your mortgage with Birmingham Bank your property may be repossessed