Need Help?
Need professional advice for your consent to let with Hodge Equity Release? 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 Hodge Equity Release consent to let
- We are currently one year into a year fixed rate mortgage with Hodge Equity Release. We would like to purchase a bigger second property in the next year however would prefer to retain the first property and I was wondering what reason we could put down on the consent to let application to get their approval
- Having spent twenty years in Manchester, I'm considering relocating to be closer to family. We've only been homeowners for the last two years and about to renew our mortgage with Hodge Equity Release. In the relocation destination, we are be looking at a 3-bed house around the £350k mark. Ideally, we would like to keep hold of my existing flat. Could I ask for Consent to Let from the proposed new lender Hodge Equity Release. If granted what are the likely requirements?
- My partner had a conversation with someone at Hodge Equity Release on Tuesday regarding consent to let. We are awaiting a returned call. We have put an offer in on a new build property that has been provisionally accepted so we need to know how likely it is that we will receive consent to let from Hodge Equity Release?
- I recently got married and my wife and I would like to buy a family home in the coming year, whilst keeping our maisonette in Croydon we currently live in to rent out. Mortgage on the flat is with Hodge Equity Release. I don't want to put myself in a situation with two residential properties and then be refused consent to let.
- I have a mortgage with Hodge Equity Release on a three year fixed term contract. I may have an opportunity for a teaching job in Belgium next year. Am I eligible for consent to let by Hodge Equity Release if I took this opportunity overseas?
- A work promotions now necessitates that Ibe in different places a lot and in the circumstances I wanted to get to grips with the procedure for seeking consent to let with Hodge Equity Release
- I currently have my mortgage with Hodge Equity Release and have been for the previous eighteen months and I am at present just wanting some insight as to whether gaining a consent to let is likely.
- I am fixing my residential mortgage with Hodge Equity Release but due to work related issues I may have to live abroad for a couple of years. Will Hodge Equity Release allow and give consent to let and will any penalties be applied in such circumstances
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above Hodge Equity Release consent to let information
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 inform 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
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 conditions are not complied with you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Hodge Equity Release your property may be repossessed