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Need professional advice for your consent to let with Hampden & Co plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Hampden consent to let: Q and A’s
- We I have a standard mortgage with Hampden but I would like to occasionally rent the property out on AirBnB....am I obliged to obtain consent to let from Hampden?
- I let my property in the summer and didn't tell Hampden. I have a three year domestic mortgage (significant equity in it, no arrears) and want to let Hampden know and get consent to let for the remaining 24 months of my mortgage . Not sure how to go about this.
- I am may soon need to apply for consent to let from my existing mortgage lender Hampden. A colleague of mine said that he was given ‘consent to let’ confirmation from a different lender where conditions attached to the consent referred to an AST. Can you explain what this is?
- How long after getting a new mortgage will a consent to let be likely to be given by Hampden? To give some background I purchased my property in Sutton nearly two years ago and am currently on a three year fixed rate. I subsequently met my partner and now we are looking at moving in to his place. I am planning to get a better fixed term next October. I presume that I would have to hold back for at least half a year before I could apply for consent to let. Is that right?
- I am looking for consent to let for my property as I am moving out for four months currently fixed Hampden mortgage with two years which is up in May next year.
- Just looking for some advice. I already have a mortgage in place with Hampden. I have been given licence to temporarily rent out my flat from the managing agents and they asked for a copy of the consent to from Hampden.
- My mortgage has been with Hampden for seven years. I would like to apply for consent to let my flat. I have been waiting for Hampden to get back to me. Could you please check and help?
- I have only recently completed my homeloan with Hampden since when my boyfriend has proposed and we are deliberating whether to live in his house or mine. Would I be allowed consent to let if I decided to move into his property
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Information to consider in supplemental the above Hampden 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 conditions are not complied with you may be in breach 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Hampden