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.
Sample questions relating to Hampden consent to let
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My fixed rate mortgage is nearing reissuing with Hampden. The property has been sub-let for a few years and I think I need to come clean toHampden. My understanding is that I must apply for consent to lease, but bearing in mind that the property has previously been let out could they deny - insist I go onto a BTL product and even fine me? There is excellent equity - 30% LTV and have never missed any payments.
- My question does not relate to consent to let, I was hoping that you have an address or telephone number for a dedicated Hampden help desk who processes consent to let applications. Hampden has a mortgage over my property.
- Me and my wife and I may need to rent out our home for a while due to a career opportunity. As we will be away for no more than twelve months would we need a consent to let our home. We already have a Hampden mortgage. What costs are involved and is there a time limit on consent to let?
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I have a current mortgage contract with Hampden and need clarify if it would be possible to gain consent to let out our one bedroom apartment in Camden.
The purpose for needing to lease out the property are are due to: -
- My wife and I will be relocating to Melbourne in 3 months.
- By letting out the property this will enable us to make some savings to support the migration process.
- There is little merit from a fiscal perspective to pay outright for a property which we are not living and by renting out the home this would be deemed as an ongoing investment.
If Hampden agreed that we are able to proceed with renting we would suggest some financial assurances to include: -
- Maintain paying the monthly mortgage payment directly from my current account.
- Instruct an approved letting agent who will provide a rent guarantee scheme as a further financial protection.
- Supply our contact details for when we move.
- Do I need consent to let if I let to a family member (in my situation my brother now lives there and contributes towards the Hampden mortgage)?
- Are you aware of any flexibility in the accepted equity ration before transferring from an existing Hampden mortgage to a consent to let?
- Me and my husband have a granny flat attached to our home. Do we need consent to let this from Hampden? If so, what is the process if I would like to switch my mortgage to consent to let?
- Soon to remortgage my property but I will potentially moving out in the near future and would be looking to lease it out. What would I need to do to get consent to let from Hampden?
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General Advice to read in supplemental 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 to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Hampden