Need Help?
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.
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.
The tenants for my property have asked for evidence of my ‘consent to let’ from Hampden, my bank. Is this standard practice? My letting agent cannot offer an explanation, can you?
Within the next few days I intend to get in touch with Hampden for consent to let out my house in Hampden. However the property has been on with agents for 5 weeks but there without a sniff of interest and paying a full mortgage, council tax and insurance on vacant house is a financial drain. What position would Hampden take if I market the property?
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.
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 may 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
Should the tenure of your property be 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 potentially result in the freeholder commencing forfeiture proceedings.
Neglecting 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.