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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.
Recently asked questions relating to HSBC consent to lease
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I am in a pickle with a Consent to Let mortgage. In response to requesting consent to let my bank has asked me to provide them with a signed tenancy agreement prior to issuing consent. If I get a signed tenancy agreement would I not be breaching the terms of my existing mortgage?
- My husband and I have a homeowner mortgage with HSBC. This has been in place for three years. We are thinking about letting out our house and renting in a village close to our daughter’s school until we find the right property to buy. Do HSBC usually issue consent to let and if so, are there any financial consequences?
- In August 2013 I was issued consent to let from my existing lender which is about to expire. I have since been traveling and had my first child. My part time salary is not sufficient just now to cover the mortgage on my own. My lender has advised me that I can't extend my consent to let and if I continue renting out I will be in action would be taken for breaching my mortgage contract. Due to affordability I it is likely that I will be refused to transfer to a BTL product. One option I am considering remortgaging to HSBC. Are they likely to give consent to let from commencement of the mortgage?
- I am on a 2 year fixed rate mortgage with HSBC which began in February. I will be moving out in July and have people ready to lease my property. I need to get a letter from HSBC granting consent to let until my term is up to allow me to refinance. What is the process for going about this?
- I have a homeowner mortgage with HSBC and require consent to let. What are the factors and requirements that I need to be aware of in order to obtain consent?
- Will HSBC choose to operate a right to change the rates on a standard mortgage where Consent to Let at any time, onto ‘rates equivalent to their B2L range'? Can one refinance on a consent to let with HSBC?
- HSBC - consent to let potential. Do you have experience of the process with this lender? Do they have a minimum period prior to changing and is it possible that I would be required to make a cash injection to reduce the LTV?
- I have just recently purchased my property and took out a mortgage with HSBC but my boyfriend has asked me to move in with him. Would I be granted consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above HSBC consent to let Advice
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 breach 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with HSBC your property may be repossessed