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.
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.
Helen (my partner) and I may need to rent out our Lambeth home for a while due to a career opportunity. This will be temporary but possibly for as long as seven years. Should I tell Hodge Equity Release or should I just keep quiet?
I am a first time buyer hoping to complete on a 2 bedroom house in Hodge Equity Release. I have a 50% deposit with a mortgage from Hodge Equity Release. My dilemma is that my fiancee has a flat in Slough and I can foresee myself moving in next month, when I would have to let out my house. I I know that consent to let is needed but it does not sound like a guaranteed option. Is there any advice you can impart?
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.
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.
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 conditions are not complied with you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Omitting to advise 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.