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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
- Me and my wife bought a house in 2008 on shared ownership basis, I own 50% via bank loan and rent the remaining percentage. Three years ago I bought a new house. I rented out my first house and moved to my new property. I gained consent to let from my mortgage company and I was under the assumption I had consent to let from the housing association. Last week I was contacted by the housing association advising they had nothing on record to evidence I had obtained consent to sublet. What do I do now?
- I have just received a mortgage offer with Birmingham Bank. With any luck I will complete in the next few weeks, however it looks as though I may be posted abroad for work. How likely is it for me to get consent to let from Birmingham Bank within a few months of completing. Are there any other options open to me?
- I'm looking to apply to Birmingham Bank for consent to let on our current residential property in Newham. I am hoping to release equity from my existing home ahead of this, and using that money to buy a new residential property. I will live in that property whilst doing it up for 6 months at which point I plan to sell it then move back to my existing house. Is this something Birmingham Bank will consider consent to let for or does this fall outside the standard criteria?
- A colleague recently asked for CTL from the Woolwich which they turned down because the mortgage had not been going for even half a year. I am about to ask for consent to let from Birmingham Bank. Do they adopt the same rule?
- Will Birmingham Bank choose to exercise a right to switch the rates on a owner-occupier mortgage where Consent to Let at any time, onto ‘rates equivalent to their B2L range'? Is it possible to refinance on a consent to let with Birmingham Bank?
- Me and my partner are considering applying to Birmingham Bank to obtain consent to let our property, how long does it take from the point of sending the forms to us finding a letting agent and listing our house for rent? and are there any further steps in the process?
- I am interested in consent to let for my home mortgaged with Birmingham Bank. How do I proceed? Do I have to contact Birmingham Bank and get them to agree?
- Do you know if there is normally a required LTV before Birmingham Bank will consider consent to let?
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Important warnings to consider in further to the above Birmingham Bank 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
If your property is leasehold, the provisions in the lease may prevent 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 your covenants under the lease. This could trigger 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