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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.
Recently asked questions relating to Hodge Equity Release consent to lease
- My residence worth £100k. Hodge Equity Release mortgage owing £30k with half a dozen years to run. Get consent to let via Hodge Equity Release for current residence and make use of income to pay off remaining of mortgage. Take out 70 % Hodge Equity Release mortgage on new house that becomes my main address? Any reason I cant do this?
- Earlier this year I let out my studio flat having been granted Consent to Let with my MP. 6 months have now elapsed and they have increased my interest rate as previously advised. I am unwilling to port to a preferable product with them, as they will revoke my consent to let. If I was to go with an alternative mortgage lender such as Hodge Equity Release, would I need to apply for a Buy To Let mortgage or could I just remortgage and secure consent to let?
- I took out a domestic mortgage with Hodge Equity Release last September and then had to relocate due to my job, I am now considering renting my flat out for six months whilst I am away. Am I able to get a consent to let from Hodge Equity Release, and what effect would this have?
- My OH and I have a flat in Merton which we purchased off-plan just over seven years ago. As childen are growing up we require a bigger home. We've found a property in Merton that we would like to buy and want to keep the flat as an investment to rent out. The mortgage is with Hodge Equity Release and we've found a tenant who will pay rent in excess of the monthly mortgage amount. Our query is, can we keep the repayment mortgage with Hodge Equity Release so we effectively paying off our loan on the flat or do we have to transfer to a buy-to-let mortgage?
- Is it possible to negotiate a consent to let from Hodge Equity Release if I have an existing mortgage which has been in place for seven years?
- My daughter has a mortgage with Hodge Equity Release and she wants to lease her apartment out as she moving in with her boyfriend.Will she be granted consent to let? What is the procedure and what needs to be done next?
- My partner and I would like to rent out my house to be closer to my son’s college and look after of my father. What do I need for the application of consent to let from Hodge Equity Release?
- We are interested to find out more about consent to let from Hodge Equity Release. Would a valid reason be parking problems and the property is too big for me to run at this moment in time?
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 Advice
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
If 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 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
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 restrictions are not strictly observed you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Hodge Equity Release