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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.
Frequently asked questions relating to Hodge Equity Release consent to lease
- A couple of years ago I was granted consent to let from my current lender which is about to expire. Since I took this out to travel and start a family. My part time salary is not sufficient just now to pay the mortgage on my own. My lender has advised me that I can't extend my consent to let and if I continue renting out I will be in breach of the terms of my mortgage conditions. Due to affordability I it is likely that I will be refused to transfer to a BTL product. One option I am thinking about is remortgaging to Hodge Equity Release. Are they likely to give consent to let from the outset?
- I own a one bedroom apartment but I am rarely there, considering the possibility of renting it out. My mortgage is with Hodge Equity Release, would I have to switch my mortgage deal or do I try to get consent to let?
- I moved out of my flat about five months ago but didn't get around to get a consent to let letter, partly because the mortgage fix rate period is ending in a couple of months and I am considering a remortgage anyway. I want to ask for the letter now, is that going to open up a Pandora’s box?
- I was going to call Hodge Equity Release to ask if they have a Consent to Let application they can send me to complete.. However,I thought I would look online. I was wondering if if you could direct me to a site where I could download this form on the net?
- I am considering renting my apartment will Hodge Equity Release charge me for a consent to let letter?
- We have a fixed rate mortgage with Hodge Equity Release and are considering obtaining consent to let so that we can apply for a further mortgage on another property that I own on a buy to let basis. Ahead of applying it would be helpful to know the repercussions if any of making the change and any facts that we need to be aware of.
- Can you help with a question...if consent to let is given by Hodge Equity Release would it usually be subject to a time limit, such as one year?
- I'm looking in more information regarding consent to let from Hodge Equity Release. Would an acceptable reason be issues with neighbours and the house is too to small for me?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Hodge Equity Release consent to let information
Tax and Legal
There are numerous potential 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
Should the tenure of your property be 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 terms are not adhered to 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 taking legal action against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Hodge Equity Release your property may be repossessed