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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.
Questions and Answers: Hampden consent to let
- I am two years into my 5 years fixed term mortgage and planning to take a job abroad so would like to rent out my property for two years. My loan to value is in the region of 50%. My question is if Hampden will increase my interest for consent to let for a couple of years?
- Earlier this year I let out my studio flat having secured Consent to Let with my MP. 6 months have now elapsed and they have loaded my mortgage rate as previously advised. I cannot switch to a preferable product with them, as they will withdraw my consent to let. If I was to go with an alternative provider such as Hampden, would I be required to take out a B2L mortgage or could I simply refinance and obtain consent to let?
- Is it permissible to rent out our property in the absence of consent to let from our mortgage provider? I know that at the time we signed a declaration saying it wouldn't be a buy to let property and that we are not the owners of other property. I know you can't use help to buy if you owned other property at the time, but what about property after the event? Can you purchase a further property, receive a gifted property?
- I am may soon need to apply for consent to let from my existing mortgage lender Hampden. A friend of mine said that he was given ‘consent to let’ confirmation from a different lender where conditions attached to the consent referred to an assured shorthold tenancy. Can you explain what this is?
- What do the Hampden Ts and Cs for consent to let look like?
- I'm gathering some information on whether consent to let is something available to me? We have a mortgage with Hampden and are considering leasing the property out for a couple of years, but cannot really afford to change to a buy to let rate. Is consent to let an alternative to to switching to a buy to let rate?
- I am looking for consent to let for my house as I am moving out for four months currently fixed Hampden mortgage with three years which is due on July next year.
- I have a mortgage with Hampden. I am thinking of moving out and leasing out my house. Do I need a 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 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
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 lease may prohibit 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 the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them commencing legal proceedings 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 Hampden