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.
Questions and Answers: Birmingham Midshires consent to let
- I have a homeowner mortgage with Birmingham Midshires and will be joining the Royal Fleet Auxiliary in January. This is a civilian manned fleet run by the MOD. I will be at sea four months on and three months in the UK. During my time away I want to rent out my property in Wandsworth and live with my father when on shore. If Birmingham Midshires refuse are there lenders that will allow this?
- My flat has a mortgage against it with Birmingham Midshires and I have been letting out my apartment omitting to get consent to let, making me in contravention of my mortgage terms and condition. I suspect that they have sussed that I am not residing there. What are the legal ramifications of my failure to obtain consent to let?
- Having spent twenty years in the capital, I'm considering relocating to be nearer to family. We've only been homeowners for the last two years and about to refinance with Birmingham Midshires. In the relocation destination, we are be looking at a 4 bedroom property around the £350k mark. I would preferably like to retain my existing property. Could I ask for Consent to Let from the proposed new mortgage provider Birmingham Midshires. If granted what are the likely conditions?
- What is the maximum period of time permitted by Birmingham Midshires that I would be able to let my property without being required to transfer the mortgage or sell my property? In essence, my boyfriend has asked me to move in with him and I really don't want to sell my house. I would like the fallback of knowing I still own my own home.
- We have already let but only just dawned on us that Birmingham Midshires ought to have been notified and consent to let sought - what's the best course of action now?
- 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 £250k and owe £85k on it. Do you think Birmingham Midshires increase my mortgage rate?
- My mortgage has been with Birmingham Midshires for seven years. I would like to apply for consent to let my property. I have been waiting for a response from Birmingham Midshires. Could you please check and help?
- I have a residential homeloan with Birmingham Midshires. I purchased the property in December two years ago. Is it possible to get consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Birmingham Midshires consent to let Info
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
Where 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 trigger 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 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 conditions are not complied with you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Birmingham Midshires your property may be repossessed