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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.
Common questions relating to HSBC consent to lease
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Always on the look out for a money making scheme I am contemplating leasing out my home and generate some income whilst on vacation. It only a short term option for four weeks. Will consent to let be needed from HSBC?
- What are the chances of HSBC in granting Consent To Let on a one bedroom apartment? Agents have had it on the market for three weeks. I need to sell but I'm mindful that given the lack of interest I will have to get a tenant in to cover the mortgage to HSBC (I do not now reside at the address). My preference is to come clean with HSBC than not tell them but I am worried as to how understanding they will be.
- I wish to purchase a second property having recently purchased a two bedroom ground floor purpose built maisonette on residential mortgage. Intend to purchase next year. I am told that I may need consent to let from HSBC, my existing mortgage provider? What is the best way to go about this and obtain the permission required.
- I have a mortgage with my partner on our house which is up for renewal 13th December. I am having to relocate to Bristol for my company in next month. Is it possible to switch to a consent to let mortgage with HSBC?
- I am 12 months into a three year standard mortgage with HSBC. Just wondering if it's ok to let out the property on my existing home loan. Will HSBC grant consent to let?
- We have a fixed rate mortgage with HSBC 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 I would like to know the connotations of making the change and any facts that we need to consider.
- Just looking for some information. I already have a mortgage in place with HSBC. I have been given licence to sublet my GFF from the managing agents and they asked for a copy of the consent to from HSBC.
- We are considering a remortgage offer with HSBC and it's a strong possibility that I will require consent to let during the fixed period. Are there any penalties I should be aware of?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting 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 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
Neglecting to inform 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 HSBC