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
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I was thinking of renting out my flat and make money from it whilst on holiday. It will only likely be for a couple of weeks. Do I need consent to let from Hodge Equity Release?
- My husband and I are planning to purchase a garden flat with ten per cent down payment with the intention of moving in. Somewhat fortuitously the in-laws plan to move to Spain for a year so we would be moving into theirWandsworth property to "housesit". In the event that we proceed with a residential mortgage with Hodge Equity Release would we likely encounter any difficulties with negotiating consent to let ?
- I have an existing mortgage with Hodge Equity Release. Can you point me to where I can download the consent to let application forms from, as we are already renting out the property?
- Need some help about renting a property and consent to let. I plan to move in with my fiance. The council would like to rent my flat for three years guaranteed with rent and service charges covered. The mortgage is with Hodge Equity Release. Please advice
- My OH and I bought a place in Bristol with Hodge Equity Release and am moving to rent a property in Devon due to work. Is consent to let from Hodge Equity Releasepossible? I am only looking to let out the flat for half a year before selling.
- I am thinking of moving in with my girlfriend at her home and would like to rent out my property that I purchased last year, I'm just not sure of the process as my property is my first home. What hoops do I need to jump through to get consent to let from Hodge Equity Release If I obtain consent would my mortgage payments rise?
- We have a mortgage with Hodge Equity Release on our maisonette in Greenwich. We are hoping to buy a new house and move in there. How do I move our existing mortgage on to consent to let?
- What, if any, income criteria do Hodge Equity Release set for consent to let on an existing domestic mortgage?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting 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
Where 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 may trigger 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
If your property is leasehold, the lease may prohibit 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 your covenants under 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