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.
HSBC consent to let: Q and A’s
- For nine I have a I have had a mortgage with HSBC. My other half has bought a property in Greenwich and I have the chance to move in with him. Is it possible for me to lease out my property with consent to let in case I need to move back? Also what legal paperwork must I provide HSBC with when completing the consent to let application?
- I rented my house out for three years between 2009-2012 while employed in New York. I have a letter dated June 2010 from my lender granting consent to let. In the letter it explicitly stipulates that the consent to let is valid for "the remaining term of the mortgage". I have not remortgaged since the letter was sent. I now plan to move house and rent out my existing house. However, my financial advisor has suggested that the 2010 consent to let letter may not satisfy the new lender HSBC for the house I intend to buy.Your view would be appreciated
- Am with HSBC and wonder if I am required to disclose if we no longer reside in the property. I believe that they may increase the interest rate if we move and let it out but it's far from clear what the increase would be. If I decide to let my property out and apply for consent to let in what way would the payments change?
- For a couple of years now I have had a mortgage with a friend on our apartment which is up for renewal 17th December. I am having to relocate to Bristol for my company in January. What are the chances of being able to move to a consent to let mortgage with HSBC?
- I would like to let my house which is on a standard variable rate mortgage with HSBC. What do HSBC require for me to do to get consent to let?
- How do I go about getting a consent to let application form from HSBC and how quickly can I get the consent?
- Seven weeks ago I completed my mortgage with HSBC since when my boyfriend has proposed and we are deliberating whether to live in his house or my property. Would I be allowed consent to let if I were to move into his property
- One year into a mortgage with HSBC due to job offer.. need to move. Is it possible to get buy to let or consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above HSBC consent to let information
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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 terms are not adhered to you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with HSBC