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Need professional advice for your consent to let with Hampden & Co plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to Hampden consent to lease
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We bought a flat in 2013 for £147,000 with Hampden. My husband’s job requires him to relocate to Belgium and now wish to obtain consent to let from Hampden. Will they grant consent?
- What are the chances of Hampden in issuing me with Consent To Let on a garden flat? Agents have had it on the market for three weeks. I need to sell but I'm mindful that given the lack of interest I will have to get a tenant in to cover the mortgage to Hampden (I do not now live there). I would prefer to be honest with Hampden than do it on the sly but I am concerned as to how understanding they would be.
- I have a home loan with Hampden on a property and I wish to let it out and rent another property due to changes in personal circumstances - I want to move to a new area, and to live in a bigger house with my partner. I applied for consent to let and just got reply with a refusal as they determined that I want to invest. I as at a loss as to what to do next. I am now at risk since I am already committed to the new house and would have to pay both Hampden and rent payments, which could expose me financially. The matter is urgent because a prospective tenant waiting in the wings
- I currently have a domestic mortgage with Hampden. My company has offered me a home as part of my job and would like to lease out my current house. The mortgage advisor seems confident that it is a formality. Can you give me some information please?
- I’m about to finish the fixed rate period of my two year fix with Hampden and change on to the current variable rate. I would like to know whether consent to let by Hampden is likely, if there are cost, and if there are time limits?
- My wife and I wish to move home and have found a house we wish to purchase so are considering renting out with consent to let from Hampden for our original property to allow us to make an offer and not lose the potential new house.
- Would a previous extension to a mortgage term with Hampden work against us once we applied to Hampden for consent to let.
- I am interested in consent to let for my home mortgaged with Hampden. How do I move forward? Do I have to call Hampden and get them to agree?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above Hampden consent to let Info
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 Hampden 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
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from 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
Neglecting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Hampden