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 would like to rent out my current residence and want to acquire a bigger house for the family. I have a fixed rate mortgage with Birmingham Midshires. Provided I get the consent to let as I understand lenders are more than likely to push me towards getting BTL mortgage when the fixed term is finished. Could I remortgage after two years with another lender? Will it have to be buy to let mortgage and not a homeowner mortgage?
-
I have a current mortgage contract with Birmingham Midshires and wish to clarify if it would be possible to receive consent to let out our studio flat in Merton.
The purpose for wanting to let out the property are as follows: -
- My wife and I will be migrating to Hong Kong in January.
- By letting out the property this will facilitate savings to help the migration process.
- It would be pointless from a financial perspective to redeem the mortgage for a property which we are no longer residing in and by renting out the home this would be considered as continuing investment.
If Birmingham Midshires agreed that we are able to proceed with renting we would propose some financial commitments to include: -
- Maintain paying the monthly mortgage payment directly from my current account.
- Retain the services of an approved letting agent who will provide a rent guarantee scheme as a further financial protection.
- Provide our forwarding address for when we relocate.
- I own a home that's currently under shared ownership (My share is 50per cent) purchased in September 2013. I am currently going through the full purchase of the house. Me and my wife also have in mind a second house that we are looking to buy. Mortgage in principle has been issued by Birmingham Midshires. I would like to know that I will be able to put the current house through consent to let as soon as the remainder share has been purchased so, that we can start the process of purchasing the new property
- My partner and I may have to rent his studio flat out. I realise that I need a consent to let from Birmingham Midshires. We plan on joining a landlord association if we decide to let the flat, but which of the two should we register with? We've seen the RLA and National Landlords Association.
- When it comes to consent to let from Birmingham Midshires am I supposed to update them each time we get a new tenant and post them a duplicate of the lease?
- I want to take in in a lodger for my maisonette in Wandsworth which I live in. My mortgage is with Birmingham Midshires. Will they grant consent to let?
- Are you able to shed light what the procedure would be if we purchased a new house and need to apply for consent to let for our existing mortgage with Birmingham Midshires
- I'm interested to find out more about consent to let from Birmingham Midshires. Would a valid reason be issues with neighbours and the property is too big for me to run at this moment in time?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Birmingham Midshires 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
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
Should the tenure of your property be 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 violation of 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Birmingham Midshires