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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.
Questions and Answers: Hodge Equity Release consent to let
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Jennifer (my wife) and I may need to let our Barnet home for a while due to a new job. This will be for a limited period but possibly for as long as seven years. Should I tell Hodge Equity Release or do I not rock the boat?
- Existing residence valued at £150k. Hodge Equity Release mortgage owing £32k with 8 years to run. Seek consent to let via Hodge Equity Release for current premises and utilise income to pay off what is left of the loan. Apply for sixty % Hodge Equity Release loan on new flat that becomes my primary address? Can this be done?
- Following retirement last month I acquired a “retirement home” for my wife and myself to move to. We would like to let our current property to our nephew and I have consequently contacted Hodge Equity Release for consent to let. What are the chances of this being granted?
- Last month I got married and my wife and I would like to buy a family home in the coming year, whilst keeping our two bedroom first floor purpose built maisonette in Hackney we currently live in to rent out. Mortgage on the flat is with Hodge Equity Release. I don't want to put myself in a situation with two residential properties and then be refused consent to let.
- I took a domestic mortgage with Hodge Equity Release - about 28% equity. I am considering relocating due to a promotion and enquiring whether consent to let would be given so I could lease out the property?
- Hodge Equity Release - consent to let potential. Are you able to advise on the process with this lender? Do they have a minimum period prior to changing to this and a minimum LTV?
- I would like to know if I have a normal mortgage with Hodge Equity Release and decide to rent it out, does the rate get loaded and are there any additional fees for applying for consent to let.
- I want to get consent to let from Hodge Equity Release for two years until I can move onto a buy to let. Is this feasible
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 Info
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
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 could 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
Should the tenure of your property be 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
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.
If you do not keep up the payments on your mortgage with Hodge Equity Release your property may be repossessed