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.
Common questions relating to Hodge Equity Release consent to lease
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If push comes to shove what action Hodge Equity Release can take if I have let out my house if consent to let is not first obtained?
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Hodge Equity Release have just granted me consent to let. After some effort, Hodge Equity Release have issued me with ‘consent to let’ confirmation . Mention is made of an assured shorthold tenancy. What is that?
- My fiance and I are planning on buying a property, renting two of the rooms out in order to cover the mortgage with Hodge Equity Release, and then moving on in a few years time - when the property would be fully rented. How likely is it that Hodge Equity Release would look at this unfavourably as I will have been granted a owner-occupier homeloan as opposed to a B2L or consent to let? I've read that the worst possible outcome is that they can repossess the property, is this correct?
- We are looking to rent out our one bedroom apartment in Newham in August. I would like some advice on what I need to do. I've just moved our Hodge Equity Release mortgage to a fixed term and just need to understand what the procedure is if I plan to get consent to let.
- Can I get an interest only mortgage with consent to let when my current Hodge Equity Release deal runs out April 17?
- I recently bought a property with 10% deposit for personal uses. A homeloan was taken with Hodge Equity Release. However my circumstances have now changed. I am being transferred abroad. Am I able to get consent to let from Hodge Equity Release and put the property up to let?
- What, if any, income criteria do Hodge Equity Release set for consent to let on an existing standard mortgage?
- I need to contact Hodge Equity Release to enquire about renting out my property. Will they send an application to me. Can I not get this from the site?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above Hodge Equity Release consent to let Info
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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 restrictions are not strictly observed 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 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Hodge Equity Release