Need Help?
Need professional advice for your consent to let with Hampden & Co plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Frequently asked questions relating to Hampden consent to lease
- Are you able to give me some advice on what the process is for applying for content to let, what do I need to do. I am thinking about taking a Hampden mortgage on a £140,000 property later this year. The intention is to hold the house as a second home but I would like to consider what options there are to let the property in the future. If our situation was to change the property would either be sold or rented.
- me and my wife have just sorted our rates for another fixed period with Hampden. However, I attended an interview and basically I accepted the job offer in Brent. I'm going to rent a small flat for me and my family in Greenwich as we don't want to sell the house whist there is a chance that we come back within a couple of years.... We really don't know whether it will go. We have contacted Hampden but we would like also your take on the situation. Is it possible to obtain consent to let in that case as we just got a fixed 5 years rate we would not want to swap this.
- I rented my house out for three years from 2009-2012 while living Amsterdam. I have a letter dated January 2010 from the building society granting consent to let. In the letter it explicitly stipulates that the consent to let is valid for "the remaining term of the mortgage". I have not remortgaged 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 be sufficient for the new lender Hampden for the house I wish to purchase.Can this be correct
- I am expecting to apply for consent to let from my current mortgage provider Hampden. A colleague of mine said that he was granted ‘consent to let’ confirmation from a different lender where it stipulated that the tenancy granted must be in the form of an assured shorthold tenancy. Can you explain what this is?
- I am considering relocating with work and would need to rent my property out. I have a mortgage with Hampden. My property is worth approx £200k and owe £85k on it. Will Hampden increase my interest rate?
- I am looking at some alternative lifestyle. I have a Hampden mortgage, if I become a US resident but wish to rent my UK house, do I need to get consent to let from Hampden to do this ?
- Assuming that I was successful in obtaining consent to let from Hampden, could I sell during the consent period? Is it possible that I would incur any charges?
- Is there a set or maximum term how long I could let my property out to a family member with consent to let from Hampden. I no longer want to live in the area and want to buy a new home?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above Hampden consent to let information
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
One thing to remember when arranging a consent to let mortgage with Hampden is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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
Should the tenure of your property be 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 trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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.
If you do not keep up the payments on your mortgage with Hampden your property may be repossessed