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Need professional advice for your consent to let with HSBC Bank plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to HSBC consent to lease
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HSBC have just granted me consent to let. After some effort, HSBC have issued me with ‘consent to let’ confirmation . There is reference to an assured shorthold tenancy. Can you explain what this is?
- I am wanting to email my lender HSBC justifying the following reasoning for my request for consent to let ; "I am having difficulties with the mortgage and want to move back with my parents but can't sell. I am very concerned by defaulting on the mortgage and have thought about handing back the property to you. If you granted consent to let that may solve things." What are the chances that this will convince them to grant me consent to let?
- I I have a owner occupier mortgage with HSBC but I would like to occasionally take in lodgers....am I obliged to obtain consent to let from HSBC?
- The hope is to move house. The query I have is whether consent to let will be given on my house for me to subsequently obtain a mortgage for the new house so I can put in an offer chain free and subsequently let my property out once I move. Will HSBC give consent to let for a year? If so, and the letting goes well can the consent to let time frame be prolonged further?
- My husband and I bought a place in Liverpool with HSBC and am moving to rent a property in Brighton due to work. Is consent to let from HSBCavailable? I am only looking to rent out the flat for half a year before selling.
- We are about to buy a flat and plan to live in it once we have renovated but we may need to let the property out but not sure what the rules are on consent to let from HSBC? We don't need a buy to let mortgage because we are not certain if we will need to let it out at all
- I wish to apply for consent to let from my lender HSBC to lease out my property. This is due to me relocating. Can you tell me if HSBC grant consent to let in these circumstances?
- Is consent to let required from HSBC if I am intending to reside in the apartment myself for half of the year? Also if I receive consent to let for a period of time, say up to twelve months, what happens after that.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above HSBC consent to let Advice
Tax and Legal
There are numerous potential 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
One thing to remember when arranging a consent to let mortgage with HSBC is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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 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 the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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 HSBC your property may be repossessed