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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.
Hodge Equity Release consent to let: Q and A’s
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The tenants for my property have asked for a copy of my ‘consent to let’ from Hodge Equity Release, my mortgage lender. Is this normal?
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I am in a catch 22 with a Consent to Let mortgage. Having sought consent to let the bank has requested evidence of a signed tenancy agreement prior to issuing consent. If I get a signed tenancy agreement would I not be violating the terms of my existing mortgage?
- I currently have a normal mortgage with Hodge Equity Release. My company has offered me a home as part of my job and would like to let out my current house. The mortgage advisor seems confident that it is an easy process. Can you give me some information please?
- If I took out a new product with Hodge Equity Release how long must I wait for consent to let without switching from a normal mortgage?
- We are one year into a three year standard mortgage with Hodge Equity Release. Just curious if it's ok to let out the flat on my existing mortgage. Will Hodge Equity Release give consent to let?
- I would like to let out the attic in my flat in Enfield. Do I need consent to let from my mortgage co Hodge Equity Release?
- Does my LTV need to be at a certain level to allow me to apply for a consent to let from my mortgage lender Hodge Equity Release. Does it make a difference that I only recently out the mortgage two months ago?
- Is there a time limit on a consent to let from Hodge Equity Release? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
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Information to consider in supporting the above Hodge Equity Release consent to let information
Tax and Legal
There may be various 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
If you do not keep up the payments on your mortgage with Hodge Equity Release your property may be repossessed