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Need professional advice for your consent to let with HSBC Bank plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to HSBC consent to lease
- Under what scenarios will consent to let for a property be given by HSBC? For what period of time do you have to have had the mortgage before consent to let can be obtained from HSBC? In order to give you some perspective I am a young solicitor in a home purchased last July. The ideal job offer requiring relocation to a different city on a permanent basis has come up. I would be interested in securing consent to let in the first instance in order to put a tenant in it to cover the expense of the HSBC mortgage.
- I am purchasing a garden flat in Haringey. I am only looking to be there for a year, and then move into a larger home. As opposed to disposing of the prior apartment I'd like to rent it out so that it becomes an investment. Do you know if HSBC would grant consent to let in such a scenario?
- I am currently looking for a mortgage as FTB and considering HSBC with my financial adviser. Suppose I choose a three year fixed rate I live at the property and after twelve months, an opportunity presents itself which involves a relocation requiring moving overseas. In the case HSBC issues me consent to let,would the rate increase?
- I was going to call HSBC to ask if they have a Consent to Let application they can send me to complete.. However,I thought I would explore online. I was wondering if if you could direct me to a site where I could download this form online?
- I am contemplating a remortgage and also thinking of renting the property in the years to come - Is there a fee with HSBC to get consent to let and what are the requirements?
- I own a house in Hillingdon. I would like remortgage with HSBC and either change to buy to let or consent to let. I'm still inside the Early Redemption Charge period so not sure if I will be liable to pay that?
- Is there discretion in the accepted equity ration before transferring from a current HSBC mortgage to a consent to let?
- I have spoken to someone at HSBC about changing our current mortgage to consent to let (the current two year fix ends in summer 2016). Can I just confirm that I need to send a letter setting out our change in circumstance to HSBC? Where do I need to send the letter to?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above HSBC consent to let Info
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
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 may 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
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 conditions are not complied with you may be in violation of the lease. This could potentially result in 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 record their consent in writing.
If you do not keep up the payments on your mortgage with HSBC your property may be repossessed