Need Help?
Need professional advice for your consent to let with Hodge Life? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Hodge Life consent to let: Q and A’s
-
I have been letting out my flat with "consent to let" from Hodge Life on a regular mortgage for the previous 24 months. Hodge Life have advised of their intention of revoking consent to let if we do not switch to one of their "buy to let" deals.
- I have a house in Redbridge but I am moving with my girlfriend to a different city for career reasons and moreover near her university. My preference is to keep my property but it is unlikely that I can afford a buy to let mortgage. It will only be short term -three years until my girlfriend completes her degree and I can sell, or move elsewhere. My mortgage is with Hodge Life. Is there a chance I won't be approved for consent to let?
- I have rented out my three bedroom ground floor purpose built flat in Enfield for the last two years, and I didn't realise that I had to have consent to let. I would like to do things properly. Would this be an issue?
- My fiance and I might have to rent out her apartment, and I have a query regarding getting authority to do so. I know I need to inform Hodge Life and get a consent to let or transfer to a buy to let mortgage. Given that the property is leasehold do we need consent to let from the freehold company?
- My wife and I are looking to ask Hodge Life for consent to let out our house in Camden. We are relocating overseas for 2 years and need to let it out. I failed to look into this when we got the Hodge Life mortgage, and that was purely because we never thought an opportunity would arise such as this so was planning on being in the house.
- I am looking to Hodge Life to issue me with consent to let out my basement flat in Camden. I am moving in with partner, cant sell property
- Can I remortgage with Hodge Life with consent to let if my fixed rate is about to expire. Circumstances would not have changed.
- How likely is it that Hodge Life force me into a consent to let product whilst in a fixed rate product for 2 years?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Hodge Life 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 Hodge Life 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
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 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 inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Hodge Life your property may be repossessed