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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 Lease Example Support Desk Enquires
- I have just been on a call with Hampden and they tell me that it has been brought to their attention that I have been renting the garden flat despite having a normal mortgage. I had to move a couple of years ago for career reasons, couldn't sell and so had little option but to rent out the property. Do you know what the consequences might be for me not procuring consent to let?
- I have a home loan with Hampden on a flat and I would like to let it out and rent another house as a result of changes in personal circumstances - I want to move to a different area, and to live in a larger property with my fiance. I sought consent to let and recently got reply with a refusal as they felt I want to invest. I dont know what to do next. I find myself at risk since I am already committed to the new house and am faced with paying both Hampden and rent, which could put me at financial risk. The matter needs to be resolved soon because a potential tenant at the ready
- I would like to buy a second property having recently bought a three bed flat on normal mortgage. Intend to purchase in a few months time. I have been advised that I may require consent to let from Hampden, my existing mortgage provider? What is the best way to go about this and obtain the consent needed.
- I found tenants for my apartment a year ago and didn't tell Hampden. I have a five year homeowner mortgage (healthy 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 what to do.
- Just curious as to whether it is possible if you own one property with consent to let from Hampden, to purchase another with a domestic mortgage to live in. Then once the consent expires on the first property, to convert to buy to let or sell it?
- I currently have my mortgage with Hampden and have been for the previous twenty months and I am interested in finding out some more information about the possibility of getting 'consent to let’.
- Last month bought a maisonette in Camden. I am first time buyer. I am moving Paris next month, can I get consent to let from my lender Hampden or do I have to wait six months?
- I am currently in the process of applying for a mortgage through Hampden - I foresee that in the within months I may decide to rent the property out - how would I switch the FTB mortgage to a buy to let mortgage?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above Hampden consent to let Questions and Answers
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
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 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
Should the tenure of your property be 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 the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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 Hampden