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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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My partner and I may need to lease our Tower Hamlets home temporarily due to a new job. This will be temporary but possibly for as long as five years. Should I tell Hampden or am I best advised to not rock the boat?
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I currently let out my flat in Merton. I didn't apply for consent to let. I moved to Surrey for work relocation purposes and couldn't do a commute but was worried that Hampden would charge me a small fortune so I decided to take the risk. I'm looking to do the right thing now... basically continue leasing it but with consent. What are my next steps?
- A year ago my bank (not Hampden) gave me with consent to let. The condition was that every 6 months they would levy a fee of half a percent of the outstanding mortgage amount. Having the first few payments they have omitted to make the charge in recent months. Should I be worried that this means that my consent to let has been withdrawn.
- Due to a change in family circumstances my husband and I are moving to my parents house while they are away and letting our home out. We are going to need for consent to let from Hampden. Will this be given? We will need to refinance in the next twelve months will we then have to move to a BTL product. We will definitely return to our property at the beginning of 2017?
- I am considering renting my house will Hampden bill me for a consent to let letter?
- I am looking to get consent to let on my Hounslow apartment from Hampden. I will be going abroad for 10-12 months so wish to know if I am able to let my flat
- Can I get an interest only mortgage with consent to let when my current Hampden deal runs out December 13?
- Seven weeks ago I completed my homeloan with Hampden since when my boyfriend has proposed and we are deliberating whether to reside in his house or my property. Would I be issued consent to let if I were to move in with him
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 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
If your property is 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 conditions are not complied with you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Hampden your property may be repossessed