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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.
Hampden consent to let: Q and A’s
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A friend of mine suggested that this Christmas I rent out my cottage and generate some income while I am on holiday. It’s only for ten days. Is advanced consent to let from Hampden required?
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Are any options available to me if my application to obtain consent to lease is turned down by Hampden?
- I previously got consent to let from Hampden two yrs ago but failed to need it and have since remortgaged to another lender. I recently applied for consent to let. I was informed that it would be forthcoming since I met the criteria. Yet recently received a letter informing me that I need to provide evidence from the DWP evidencing that that are aware of my current situation before they can issue consent. They said this is policy but I have not been able to find these T&Cs on their site. I did complain about the insinuation that I might intend to continue to claim help with interest from the DWP whilst receiving rental on the property. They apologised and offered to deposit £25 in my account . However i still am unable to locate this term and condition and i feel this is otherwise inappropriate I want to let my property as a way of releasing me from redress to social benefits not in order to discontinue claiming
- I let my house in the summer and didn't tell Hampden. I have a three year domestic mortgage (large amount of equity in it, no arrears) and want to let Hampden know and get consent to let for the remaining 24 months of my mortgage . Not sure what to do.
- As a result of job opportunities I will be moving to Wales and would like to rent the flat temporarily, please let me know what action I need to take in order to obtain consent to let from Hampden?
- My Hampden mortgage rate is up this September can I go on a interest only with consent to let?
- We have a mortgage with Hampden at the moment and just wondering where I can I get a consent to application form from
- I am looking to get consent to let with my Hampden residential mortgage. It is a mid terraced house. Do Hampden grant consent on this basis? Or would it be regarded as an HMO?
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Information to consider in supplemental the above Hampden 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
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 could result in 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
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 potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Hampden