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
- I own a 2 bed leasehold maisonette via a Hodge Equity Release mortgage and have a lodger in the 2nd bedroom. I am about to take a job in a different city and will look for a property to rent. My lodger doesn't want to move out so is willing to pay a higher rent. Must I ask for consent to let by Hodge Equity Release?
- I would like to acquire a second property having recently purchased a ground floor flat on residential mortgage. Intend to purchase next year. I have been advised that I may have to get a consent to let from Hodge Equity Release, my current mortgage provider? What is the best way to go about this and obtain the permission required.
- I are looking to let out our garden flat in Havering in January. I would like some guidance on what I need to do. I've just moved our Hodge Equity Release mortgage to a fixed term and just need to understand the process and what information I'll need to get consent to let.
- I am in the Royal Navy and am looking to acquire a home with a Hodge Equity Release mortgage. I would like to be given consent to let the house to my mother and father in law. In the future I plan to live in the property with my wife and kids when my military career comes to an end. Will I need to apply to my Commanding Officer to request permission to rent it out?
- I am contemplating a remortgage and also thinking of renting the property in the future - Is there a fee with Hodge Equity Release to procure consent to let and what are the requirements?
- My fixed rate loan with Hodge Equity Release ends in march and have to move with work soon after. Is it likely that I be able to both refinance and gain consent to let?
- Do you have the address to which a Consent to Let request to be sent for Hodge Equity Release? Sorry about bothering you with this query.
- Will Hodge Equity Release give consent to let my property? I have an existing residential mortgage, never had arrears and have been with Hodge Equity Release for a little under four years now. What fees am I likely to incur
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to 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
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
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 breach of 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 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 Hodge Equity Release