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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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I have a homeowner mortgage over my property in loc and intend to move to country for a couple of years. During this time it makes financial sense to rent out my apartment. My mortgage provider says I cannot have consent to let. It’s hardly ideal to move to a buy to let loan as it’s only for a short period that I am going away for.
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I am a first time buyer hoping to complete on a 2 bedroom house in Hampden. I have a good size deposit and expect a mortgage from Hampden. My concern is that my fiancee has a flat in Slough and I can foresee myself moving in next month, when I would have to let out my property. I have heard of consent to let but it does not sound like a guaranteed option. Can you offer any advice?
- I have a colleague who is thinking about leasing their property out and moving in with partner. She has a house in Brent and has a £95k mortgage with Hampden. What would she need to do to get consent to let if she decides to do this.
- My husband and I are in a tricky mortgage scenario currently. We have to let our house with consent to let and move to a new due to schooling. We are about to rent a home. We are finding it really difficult to find a better mortgage deal for our consent to let home. Is there is a list available as to which lenders grant consent to let and what their conditions are?
- My OH and Iwant to let our home and purchase another. Can Hampden refuse to grant me consent to let?
- I am just finding out some information at this stage. My boyfriend has asked me to move in with him and I have been trying to sell the flat but have had no luck whatsoever despite several decreases in price. So now I want to know what I would need to do to get consent to let from Hampden
- Where I have an existing standard mortgage with Hampden and am planning to rent it out in the future will I be issued with consent to let? What is the procedure and fees involved?
- Do you know if there is usually a required loan to value amount before Hampden will grant consent to let?
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 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
Failure 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
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 restrictions are not strictly observed you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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