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.
Top Five Questions relating to Hodge Equity Release consent to lease
-
Me and my husband have a Hodge Equity Release home loan and are are not in arrears, in gainful employment etc. Do you know how much the fees are and if Hodge Equity Release usually grant consent to let without transferring to a commercial rate?
- I have a mortgage with Hodge Equity Release. I wanted to buy a second house and my mortgage broker recommended I apply for a consent to let. I was under the impression that they only accept the consent to let where it is my intention to reoccupy my current property. Your view would be appreciated?
- I am looking to move and let out my studio flat in Hackney. Having bought it in summer 2008 and currently on a high ltv there is little equity in it. My mortgage is with Hodge Equity Release. Do you know where Hodge Equity Release stand on consent to let?
- Me and my wife bought a house ten years ago on shared ownership basis, I own 50% by way of mortgage and rent the other percentage. Three years ago I bought a new property. I rented out my first property and moved to the new home. I secured consent to let from my mortgage company and I thought I had consent to let from the housing association. Earlier this week I was contacted by the housing association advising they had nothing on record to evidence I had procured consent to sublet. What are my options?
- My partner and I purchased a place in Bristol with Hodge Equity Release and am moving to rent a property in Cambridge due to work. Is consent to let from Hodge Equity Releasepossible? I am only looking to lease out the flat for half a year before selling.
- How simple is it to get a consent to let from Hodge Equity Release and what are the fees? If I want to let out my property for a few months how simple is it to chop and change between a owner occupier mortgage and consent to let?
- Due to work opportunities I will be moving to Wales and would like to let out my flat temporarily, please let me know what action I need to take in order to achieve consent to let from Hodge Equity Release?
- I would like to rent out my house for a couple of years max. I would like to know if I could have a consent to let from my current mortgage lender Hodge Equity Release?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Hodge Equity Release 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 conditions are not complied with you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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 Hodge Equity Release your property may be repossessed