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.
Frequently asked questions relating to HSBC consent to lease
-
Colin (my husband) and I may need to rent out our Lewisham home for a while due to a new job. This will be for a limited period but possibly for as long as 6 years. Do I inform HSBC or am I best advised to remain silent?
- I applied for consent but I did not get it as I did a remortgage in July but Woolwich does not give consent if mortgage is less than 6 months old. Now I am worried when 6 months is gone are they going to find some other criteria that will not be ok. On the other hand I can remortgage with HSBC but will they give me consent straight away?
- We have a fixed rate mortgage with HSBC for 2 yrs and have been living in the house for just over one year. Due relationship issues I need to relocate so I would like to lease the place out. How can I get consent to let from HSBC?
- How long after getting a new mortgage do I have to wait before I can seek consent to let from HSBC? To give some background I purchased my flat in Tower Hamlets 2 years ago and am currently on a three year fixed rate. I subsequently met a guy and now we are looking at moving in together. I am planning to get a better fixed term next June. I assume that I would have to hold off for at least half a year before I could seek consent to let. Is that correct?
- I am looking to HSBC to issue me with consent to let out my home in Sutton. I am moving to Spain for 5 months for work.
- Just looking for some information. I already have a mortgage in place with HSBC. I have had licence to sublet my GFF from the managing agents and they asked for a copy of the consent to from HSBC.
- I may potentially need consent to let from HSBC in the future with work. I am just seeing 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?
- Me and my husband may need to lease our home temporarily due to a new job. This will be for a limited period but no more than twoyears. Should I tell HSBC or do I keep schtum?
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 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 standard 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 restrictions are not strictly observed you may be in violation of the lease. This could potentially result in 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with HSBC