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
- My granddaughter is going to work overseas for twelve months and would like to let her flat out. She has a Hampden fixed rate mortgage on repayment and wants consent to let the property as well as transfer to interest only. What does she need to do?
- I'm looking to remortgage our old ground floor flat, currently let out under consent to let from Hampden, onto a BTL rate as we will not be moving back into it now since we have our family home. So, I'm assuming I need a specialist broker for this and I am not really au fait with what my options are. Are you able to recommend an efficient broker service specialising in BTL?
- For a variety of reasons I am planning to move in with my girlfriend next summer and I have let my property out to 2 students on a twelve month AST. The application for consent to let from Hampden is in hand but what if they decline. I can’t rescind on my contract in terms of not renting the students as they have all signed up. On the flip-side Hampden could sue me for contravention of a condition i.e. renting it out in the absence of consent to let.
- My husband and I just completed on a house in Sunderland and will be moving to Devon at the end of March. I have a letting agency and tenant now. I was proposing to leave everything as it stands as I'm worried Hampden will say I have to change my mortgage rate over to a buy to let which is not economically feasible. I appreciate that it would be preferable to gain a consent to let via Hampden but am afraid if I come clean it would result in no end of issues
- I currently have a mortgage with Hampden, but I am going to move out for around a year as we need to be nearer to my wife’s parents. Will Hampden give consent to let?
- I was just looking into consent to let as it's something potentially I require from Hampden within the next 12 months. Our personal situation has changed, and I would like to lease my property out
- Is it possible to negotiate a consent to let from Hampden if I have a current mortgage which has been in place for seven years?
- Do you know if there is usually a maximum LTV before Hampden will grant consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to 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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 to have a license to do so from 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
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