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 a Hodge Life home loan and am keen to obtain consent to let as I would like to move to another apartment belongings to me. It seems you can help. Do you charge for this service?
- I had a chat with a IFA friend last month. She said that were I to decide to move abroad with my job for a period then I should not apply for consent to let from my lender (Hodge Life) until at least 2 weeks before I plan to let the house. Am I to understand that I have to find a tenant first and then obtain a consent to let?
- We are currently in Melbourne and leasing out our apartment in the UK. This was unplanned but an opportunity came up and we took it. The rent received on the apartment is not enough to cover the mortgage so we transfer funds each month to make up the shortfall. Anyway this morning our lender got in touch telling me that because the property is being let out and has been for almost two years we will have to pay 1.5% interest on top of our current mortgage rate. We could sell up but this will be difficult as I am on the other side of the world. Could we remortgage with Hodge Life and get consent to let?
- I have had a Hodge Life mortgage for less than a year but I recently found out I am about be made redundant. I would appreciate some tips on procuring consent to let from Hodge Life
- I am considering moving abroad for work and would like consent to let from Hodge Life whilst I am away. Is the way forward to complete the consent to let form and mail it to Hodge Life? Letting the property isn't to make money but to retain the property in case things don't turn out as well as we hope
- My two year fixed rate with Hodge Life will soon run out soon I will move on to the standard variable rate. Can you tell me if consent to let by Hodge Life is possible, if there are cost, and if there conditions?
- My partner and I have a fixed rate mortgage with Hodge Life and are deliberating on obtaining consent to let so that we can apply for another mortgage on another property that I own on a buy to let basis. Before we apply We would be interested to know the connotations of making the change and any facts that we need to be aware of.
- I might be looking to let out my property and wondered what I would need to do to obtain consent to let from Hodge Life. There is a possibility that I might be emigrating permanently.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above Hodge Life consent to let information
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
Should the tenure of your property be leasehold, the provisions in the lease may prevent 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 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 commencing legal proceedings 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 Life