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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
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What do I do if my request for consent to lease is turned down by Hodge Life?
- Just looking for some information, I have a mortgage on a flat with Hodge Life and I am contemplating the idea of leasing the property out. Could this be done without transferring to a buy to let or getting consent to let from Hodge Life?
- I'm currently seeking a mortgage as FTB and considering Hodge Life with my broker. Let's say I choose a five year fixed rate I live at the property and after twelve months, an opportunity arises which involves a relocation effectively moving abroad. If Hodge Life gives me consent to let,would the interest rate increase?
- Is it legal to rent out our property without consent to let from our mortgage provider? I know that initially we signed a declaration stating it wouldn't be a buy to let property and that we are not the owners of other property. I know you can't use help to buy if you owned other property at the time, but what about property after the event? Can you purchase a further property, receive a gifted property?
- I was just enquiring if Hodge Life would give consent to let and what kind of charges, penalties and rate increase etc
- I’ve already been told to write a letter to Hodge Life to obtain consent to let, I'm just trying to find some guidelines on the letter? What I should or shouldn't include?
- I was just enquiring if Hodge Life 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?
- My brother and I have had my mortgage with Hodge Life for ten years with no arrear If I asked for consent to let would it be given?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to 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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them could trigger your insurance becoming null and void. 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 trigger 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Hodge Life