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.
Common questions relating to Hampden consent to lease
- I have a 2 bed leasehold maisonette with a Hampden mortgage and have a lodger in the 2nd bedroom. I have decided to relocate to Wandsworth and will look for a property to rent. My lodger would like to stay and has agreed to pay an increased rent. Do I have to get consent to let by Hampden?
- I am expecting to apply for consent to let from my existing mortgage lender Hampden. A friend of mine said that he was issued with ‘consent to let’ confirmation from a different lender where it stipulated that the tenancy granted must be in the form of an AST. Can you explain what this is?
- We are planning on buying a house, letting two of the rooms out in order to cover the mortgage with Hampden, and then moving on in a few years time - when the property would be fully rented. How likely is it that Hampden would look at this unfavourably as I will have been granted a domestic mortgage as opposed to a B2L or consent to let? I've heard that in extreme situations they can repossess the property, is this correct?
- We have a self certified mortgage with Hampden that we are having problems receiving consent to let as a result of being in Hong Kong and renting out the apartment from 2010 without their approval which was a lapse on our part. We have a 38% LVR and made overpayments of £500pm for six years so there are no arrears. We would happily switch onto a buy to let mortgage with Hampden at a bumped up rate yet we haven't been given that as an option.
- I am currently in the process of applying for a mortgage through Hampden - There is a likelihood that in the coming months I may decide to let out the property - how would I swap the normal mortgage to a BTL mortgage?
- 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?
- Do Hampden respond negatively to requests for consent to let? I am just considering this in order to move home in the coming months
- Are you aware if there is normally a required 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 supporting the above Hampden consent to let Info
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 standard 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 restrictions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Hampden