Need Help?
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.
Examples of recent questions relating to Hampden consent to let
- I am buying a one bedroom apartment in Ealing. My intention is to be there for six months, and subsequently move into a bigger flat. Rather than sell the first flat I would like to let it out so that it form part of an investment portfolio. Do you know if Hampden would give consent to let in such a situation?
- My brother is intent on letting his flat out without consent to let from his mortgage provider Hampden. He has been on an interest only mortgage since 2009. Currently owes £110k, having bought the flat for about £118k. If he lets the flat out privately, exactly what sanctions does he risk?
- Am with Hampden and wonder if I am obliged to notify them if we no longer live in my house. I believe that they could increase the interest rate if we move and find a tenant but it's far from apparent what the increase would be. If I decide to lease my house out and apply for consent to let in what way would the payments change?
- I have an annex that my mum has vacated. As my property is large I was considering moving into the annex and rent the rest out. This is also due to change in my personal situation. Would I need a consent to let from Hampden?
- I'm planning to move to Australia for a couple of years for my job but I don't want to convert the mortgage to BTL as I want to reoccupy it when I return. Do you know if Hampden charges additional interest? Is there any way around this?
- How do I go about getting a consent to let application form from Hampden and how quickly can I get the consent?
- In the event that I was successful in obtaining consent to let from Hampden, could I sell during the consent period? Is it possible that I would incur any penalties?
- Is there a time limit on a consent to let from Hampden? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Hampden consent to let information
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 Hampden 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 provisions in the lease may prevent 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 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 Hampden your property may be repossessed