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.
Examples of recent questions relating to HSBC consent to let
- I have a HSBC mortgage and have been letting out the property without consent to let, which I am now led to believe means I am in breach of my mortgage conditions. They may have suspicions that I am not residing there. Is my best option is to sell the property before repossession?
- Resulting from a redundancy my husband and I are looking to move away from Waltham Forest and our home, potentially to a job in Norway but that means we will want to let the property but don't want the cancellation fees of existing HSBC mortgage which will be high.What are acceptable reasons for obtaining consent to let on our property?
- We purchased a house in Manchester and will be moving to Amersham at the beginning of January. I have a letting agency and tenant ready. I was planning to keep quiet as I'm concerned HSBC will say I have to change my mortgage rate for buy to let and am unable to afford that. I appreciate that it would be preferable to get a consent to let via HSBC but am afraid if I show my hand it would result in no end of issues
- I took out a standard mortgage with HSBC last December and then had to relocate for work, I am now looking to renting my property out on a short term basis whilst I am abroad. What are my chances of obtaining consent to let from HSBC, and what effect would this have?
- I am looking for information on the requirements that HSBC set for consent to let? Are you able to assist?
- How do I go about getting a consent to let by HSBC? Are there specific requirements like you must have owned the property for a year before its given?
- I would like to rent out my home for two years max. I would like to know if I could have a consent to let from my current mortgage lender HSBC?
- I could potentially need consent to let from HSBC in the future with work. I am just exploring what the options would be if this was the case. Are there any time restrictions on how long you can let out a property with consent?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above HSBC consent to let Questions and Answers
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 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
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 conditions are not complied with you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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