Need Help?
Need professional advice for your consent to let with Hodge Equity Release? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Recently asked questions relating to Hodge Equity Release consent to lease
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We acquired a terraced property in 2010 for just under 200,000 with Hodge Equity Release. I got married to someone in the forces so moved in to married quarters in Cyprus and appreciate that I have to request consent to let from Hodge Equity Release. Will they grant permission?
- Are you able to providing me some advice on what the process is for applying for content to let, what do I need to do. I am considering a Hodge Equity Release mortgage on a £140,000 property later this year. The aim would be to hold the house as a second home but I need to consider what options are available to me to let the property in the future. If our situation was to change the property would either be sold or rented.
- My question does not specifically concern consent to let, I was hoping that you have an address or telephone number for a dedicated Hodge Equity Release team who processes consent to let applications. Hodge Equity Release has a mortgage over my house.
- I have a ground floor flat but I am rarely there, looking into the option of renting it out. My mortgage is with Hodge Equity Release, would I have to change my mortgage deal or do I apply for consent to let?
- My two year fixed rate with Hodge Equity Release is due to run out soon I will change on to the current variable rate. I would like to know whether consent to let from Hodge Equity Release is possible, if there are charges, and if there conditions?
- I was just wondering if Hodge Equity Release were picky when giving out consent to let. I sent my request on date and I am waiting to hear back. Should I start chasing or wait for a bit longer?
- I am relocating for work for up to a year... I was wondering if I was able to procure from Hodge Equity Release consent to let the house out while overseas as I do not want to leave it unoccupied for that long
- I currently have a residential mortgage with Hodge Equity Release and plan on letting due to work being based in London. In seeking consent to let from Hodge Equity Release do I run the risk of them forcing me to change deal to buy to let
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Hodge Equity Release 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
One thing to remember when arranging a consent to let mortgage with Hodge Equity Release 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 regular 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 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 advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Hodge Equity Release