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.
Frequently asked questions relating to Hampden consent to lease
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Will Hampden invoke a right to change the rates on a regular mortgage that has just been approved for Consent to Let at any time, onto ‘rates in line with their BTL loans'?
- Current premises worth £250k. Outstanding mortgage £18k with half a dozen years to run. Get consent to let from Hampden for current residence and utilise rent to pay off the last few years of mortgage. Take out 70 % Hampden mortgage on second house that becomes my primary residence? Can this be done?
- My wife and I have a fixed mortgage with Hampden (with a little over two years remaining) but due to redundancy want to move away from London (actually to a new job in France) and so want to let the property out. We are keen to avoid the expense of an early redemption penalty and understand that some lenders are willing to give this 'consent'...what is the approach taken by Hampden?
- I am looking for our family to move to give us all more space. We are planning to purchase another house in the near future. Our house is worth £240,000 and we have about £70k left to pay on the Hampden mortgage. We would prefer to keep this house as an investment property and let it out with consent to let. Is it possible to get a mortgage on two properties at the same time or do we first need to redeem our existing mortgage?
- I have recently got married and I am in the process of buying out 100% of my co-ownership mortgage with my wife. As a result we have now been given a 90% loan to value on our house. We want to buy a larger property. Will it be possible to get a consent to let on my new mortgage with Hampden to allow us to get a mortgage also with Hampden for a new home?
- I was just wondering if Hampden were picky when considering consent to let. I sent my request on date and I am waiting to hear back. Should I start chasing or wait for a bit longer?
- I might potentially need consent to let from Hampden in the future with work. I am just seeing what the options would be if this was the case. Are there any time restrictions on the length one can let out a property with consent?
- One year into a mortgage with Hampden due to work reasons need to relocate. Do you think I can get buy to let or consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Hampden consent to let Advice
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 regular 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 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.
Co-ownership
Omitting 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