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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.
Frequently asked questions relating to Hampden consent to lease
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If push comes to shove what action Hampden can take if I have Sublet my flat in the event that consent to let is not forthcoming?
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We just received consent to let from Hampden. After some effort, Hampden have issued me with ‘consent to let’ confirmation . Mention is made of an assured shorthold tenancy. Can you explain what this is?
- My friend has been renting her property from the same landlady for almost one and a half years. During the last year my friend has been receiving letters from Hampden (she hasn't opened them-it is clear from the envelope). Inititially she forwarded them to the landlord’s address. My suspicions were aroused as none of the landlady's post was supposed to be going there. I decided to go to my friends house and called Hampden on her behalf. The lady I called at Hampden asked all sorts of questions, the landlord’s name her current address, information on the tenant and then said they were going to investigate whether she was entitled tolet out the house or if it was an offence with no consent to let. Should my friend be concerned?
- I would like to let my current property as I wish to acquire a bigger house for the family. I have a two year fixed mortgage with Hampden. Provided I get the consent to let as I understand banks are more than likely to push me towards getting BTL mortgage when the fixed term comes to an end. Could I remortgage after two years with another lender? What connotations does that have aside from the higher rates - would I need a greater equity ratio in the property too ie lower ltv?
- Iwant to let the family home and buy other. Can Hampden refuse to grant me consent to let?
- My husband and I wish to let out my house. Do I just send a letter to Hampden asking for consent to let out the home?
- Would I be able to remortgage to Hampden from my existing lender, with a consent to let or do I need a let to buy homeloan, and if so what are the LTV's?
- I took a homeowner mortgage with Hampden. I bought the property in July this year. Is it possible to get consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Hampden consent to let Questions and Answers
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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them could result in your insurance becoming null and void. 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 obtain the consent of the freeholder. If such conditions are not complied with you may be in violation 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