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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.
Recently asked questions relating to Hampden consent to lease
- I am currently choosing a mortgage as first time buyer and considering Hampden with my mortgage adviser. Suppose I choose a 5 year fixed rate I live at the property and after one year, I come to get an opportunity of work relocation effectively moving overseas. If Hampden issues me consent to let,does the rate increase?
- Me and my partner and I I have a normal mortgage with Hampden but I would like to occasionally take in lodgers....am I obliged to obtain consent to let from Hampden?
- My brother and I jointly own a small apartment in Haringey with a Hampden mortgage. I want to move on and purchase a new property with my fiancee. How should I deal with sub-letting my room? Would I need consent to let via Hampden. My brother will remain in the flat
- Is it correct that lenders (my home loan is with Hampden) have changed tune and are now adopting a more lenient approach towards consent to let? A mortgage adviser recently mentioned to me that BTL mortgages are not regulated by the FCA whereas residential mortgages are. Therefore if I transfer from a homeowner to a Buy to let I am moving to a regulated product. He said that under the current regulation banks are wary of letting borrowers do this, which may explain why some mortgage providers will allow borrowers apply for consent to let but not transfer to a Buy to let mortgage. Is this correct?
- My GF is in the process of placing an offer on a new property in Croydon and is getting a good deal as it needs some work done. We want to rent our current property for 2 years and come back to live. Will I be granted a consent to let by Hampden?
- How likely is it that I can retain my current homeowner mortgage with Hampden if I start renting out? If the consent to let is given will they tie me into an increased rate?
- Last month I completed on a apartment with a Hampden mortgage. However I am currently living with parents. I don't want to move in until September 2017 due to some family issues. In meantime can I rent out the property with consent to let?
- I would like to let my property for 3 years at most. How do I go about getting consent to let from Hampden who I have a mortgage with?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with 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
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 provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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.
If you do not keep up the payments on your mortgage with Hampden your property may be repossessed