Need Help?
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.
Examples of recent questions relating to HSBC consent to let
- I bought a house three years ago in Sunderland when I worked locally. I got a promotion which involved working in Wimbledon. I drive down on Sunday morning and live with a family member mid week. I am now thinking ofmoving home to avoid the commute. I am looking into the option of renting out my current home. The mortgage is with HSBC, would I have to move onto a new mortgage deal or do I apply for consent to let?
- I am looking to get a consent to let from HSBC as my personal situation has altered. My stepdaughter was starting university and I felt we would move to the area and decided to purchase a house as opposed to rent for 3 years. Since purchasing the house I have fallen out with my step daughter and she refuses to live in it. Since the whole point was for her and the house location is not particularly convenient for my work I would like to move out and let the property
- I would like to rent out my existing residence and want to buy a bigger house for the family. I have a fixed rate mortgage with HSBC. On the basis I get the consent to let as I understand banks are more than likely to push me towards getting BTL mortgage when the fixed term is finished. Could I remortgage after two years with a different lender? What ramifications does that have aside from the higher rates - would I need a greater equity portion in the property too ie lower ltv?
- I would appreciate some feedback as to whether consent to let from HSBC is the best option. I purchased my house six months ago by porting a HSBC mortgage product. My fixed term came to an end five months ago I'm weighing up moving in with a new partner. I don't want to sell my property yet because I have no idea as to whether the new move will work out. Would it be likely that HSBC would grant a consent to let based on me letting out my property on a an AST for 1-2 years and then I will commit to a buy to let product or sell it?
- Will HSBC want to know why I am applying for consent to let? Is it wise to inform them of my possible relocation abroad?
- Last month I acquired a apartment using a HSBC home loan. However I am presently living with parents. I don't want to move in until August 2017 due to personal reasons. In interim can I rent out the property with consent to let?
- I would like to lease out my home to be nearer to my son’s uni and look after of my mother. How long will the consent to let take to get from HSBC? a month?
- I am interested in consent to let for my property mortgaged with HSBC. How do I move forward? Do I have to write to HSBC and get them to agree?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above HSBC consent to let Info
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 standard 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 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 restrictions are not strictly observed you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with HSBC your property may be repossessed