Need Help?
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.
Sample questions relating to HSBC consent to let
- I have a colleague who is thinking about leasing their house out and moving in with partner. She has a house in Camden and has a £80k home loan with HSBC. What would she need to do to get consent to let if she decides to move forward.
- I need to change my residential mortgage with HSBC to a consent to let and looking for some guidance... I bought my first property in London in 2009. After a new job opportunity I moved to Edinburgh, and a few months ago got a residential joint-mortgage with my partner. I am inclined to stay with HSBC and seek consent to let rather than attempt to apply for a new mortgage elsewhere, but if HSBC turn me down what lenders can I approach.
- We are are looking to join the property ladder, currently renting. We would ideally like to purchase a garden flat in Bexley. We want to move there, but will need to wait for a job - perhaps 2-3 years. Do we have to get a B2L mortgage? Would it be possible to have a normal mortgage with HSBC, because we intend to move there soon? Alternatively could we reside there for a few of months, then start renting it with consent to let from HSBC? I'm only interested in suggestions that are completely legitimate, and have no intention of breaching the terms of the mortgage with HSBC.
- My colleague plans to rent out his apartment out on the QT without consent to let via his mortgage provider HSBC. He has been on an interest only mortgage for about 7 years now. Currently owes £99k, having purchased the apartment for around £118k. If he lets the flat out privately, exactly what sanctions is he likely to face?
- I am looking to HSBC to grant consent to let out my studio flat in Tower Hamlets. I am moving to Spain for Six months on a secondment.
- I am relocating for work for up to twelve months... I was wondering if I was able to obtain from HSBC consent to let the house out while overseas as I am reluctant to leave it unoccupied for that period
- My mortgage has been with HSBC for eight years. I would like to apply for consent to let my flat. I have been waiting for HSBC to get back to me. Could you please check and help?
- I am looking to get consent to let with my HSBC residential mortgage. It is a detached house. Do HSBC grant consent on this basis? Or would it be regarded as an HMO?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above HSBC 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
One thing to remember when arranging a consent to let mortgage with HSBC 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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of your covenants under 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 record their consent in writing.
If you do not keep up the payments on your mortgage with HSBC your property may be repossessed