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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.
Recently asked questions relating to Hampden consent to lease
- I bought a house three years ago in Manchester when I worked locally. I got a promotion which necessitated working in Luton. I drive down on Sunday morning and live with a relative during the week. I decided on relocating with the family to avoid the commute. I am considering the option of renting out my current home. My mortgage is with Hampden, would I have to change my mortgage rate or do I try to get consent to let?
- I am interested to know how difficult is it to obtain consent to let from Hampden. I'm interested in fixed residential mortgage and plan to live there but want to know my options for example - if a job elsewhere was offered to me for a year overseas.. Could you let me know generally how receptive Hampden are regarding consent to let?
- My fixed rate runs out late 2016 and I wish to fix for another three years with Hampden, with any luck rates will remain low. In in next couple of years I might want to move temporarily to a different city. How difficult is it to get consent to let from Hampden in these circumstances? Assuming that monthly rent payments would be about £250 more than the Hampden mortgage payments.
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We have an existing mortgage with Hampden and wish to clarify if it would be possible to seek consent to let out our one bedroom apartment in Merton.
The purpose for wanting to let out the property are as follows: -
- Me and my wife will be migrating to Cape Town in 3 months.
- In letting out the house this will enable us to make some savings to help the migration process.
- There is little merit from a monetary perspective to pay outright for a property which we are not living and by letting out the place this would be considered as continuing investment.
If Hampden granted permission to us for renting we would suggest some financial assurances to include: -
- Maintain paying the monthly mortgage payment by standing order.
- Retain the services of an approved letting agent who will provide a rent guarantee scheme as a further financial safeguard.
- Supply our forwarding address for when we emigrate.
- Hampden homeowner mortgage. Will they issue consent to let a property for 18 months? I reoccupy as an owner.
- Is there discretion in the accepted equity ration before switching from a current Hampden mortgage to a consent to let?
- In the event that I was successful in obtaining consent to let from Hampden, can I sell during the consent period? Is it possible that I would incur any penalties?
- We are mulling over a remortgage offer with Hampden and it's likely I will end up asking for consent to let at some point in the fixed period. Are there any charges I should consider?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above Hampden consent to let Advice
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
If 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 inform them may trigger your insurance becoming invalid. 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 obtain the consent of 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
Omitting 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