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.
Recently asked questions relating to Hodge Equity Release consent to lease
- I have recently sought consent to let from Hodge Equity Release, but it would be useful to know if they pose any requirements on the level of rental to be received?
- My flat has a mortgage against it with Hodge Equity Release and I have been letting out my flat omitting to get consent to let, which I am now led to believe means I am in contravention of my mortgage contract. I think that they have found out that I am not living there. What negotiating options are available if I fail to sell it before they are on notice that I have breached my terms and condition?
- My twin and his girlfriend currently lodge with me at my flat. Next Summer I would like to move out of the flat and in with my partner. Is it possible to get consent to let from Hodge Equity Release after only having the mortgage for six months?
- I have had a Hodge Equity Release mortgage for just under nine months but I discovered this morning that I will soon lose my job. I would appreciate some help being given consent to let from Hodge Equity Release
- My wife and I have a fixed rate mortgage with Hodge Equity Release and are deliberating on obtaining consent to let so that we can apply for another mortgage on another property that I own on a buy to let basis. Ahead of applying it would be helpful to know the consequences of making the change and any facts that we need to consider.
- My mortgage has been with Hodge Equity Release for six years. I would like to apply for consent to let my house. I have been waiting for Hodge Equity Release to get back to me. Are you able to please check and help?
- Do you know if there is normally a maximum loan to value amount before Hodge Equity Release will give consent to let?
- What are the implication if I have already let the property for a number of years as an HMO and now wish to legalise the situation with Hodge Equity Release by getting consent to let ? (assume Hodge Equity Release had previously granted a standard mortgage previously)
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting 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 notify them may trigger your insurance becoming invalid. 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 provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Hodge Equity Release