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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.
Top Five Questions relating to Birmingham Midshires consent to lease
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What do I do if my application for consent to let is subsequently refused by Birmingham Midshires?
- I am interested to know how straightforward is it to seek consent to let with Birmingham Midshires. I am considering fixed deals and intend to reside there but want to know what options are open to me for example - if a job elsewhere was offered to me for a year overseas.. Could you let me know generally how receptive Birmingham Midshires are regarding consent to let?
- I have recently rented out my garden flat having secured Consent to Let with my MP. Half a year has now elapsed and they have upped my repayment percentage as previously advised. I am unwilling to switch to a more favourable product with them, as they will remove my consent to let. If I was to go with another provider for example Birmingham Midshires, would I need to get a Buy To Let mortgage or could I just refinance and seek consent to let?
- Is it possible? The property has a mortgage against it with Birmingham Midshires (with a large chunk of equity). I want to purchase and live in a second house but keep my old house and rent it out. How can I fund a second mortgage without selling my old property and using the equity as a deposit for the new property. Is there anyway I can change my old mortgage to a buy to let mortgages or obtain consent to let and take on a second mortgage without having a deposit to put down.
- I have a mortgage with Birmingham Midshires on a two year fixed rate. I may have an opportunity for a teaching post abroad next summer. Am I eligible for consent to let via Birmingham Midshires if I took this job overseas?
- I am trying to investigate if it is possible to get a consent to let mortgage with Birmingham Midshires rather than a buy to let mortgage
- Is consent to let a less costly way of renting out your property? Isn't this a loophole for some people to exploit?
- What, if any, income criteria do Birmingham Midshires set for consent to let on an existing homeowner mortgage?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Birmingham Midshires consent to let information
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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation 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 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 Midshires