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.
Sample questions relating to Hampden consent to let
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Doing everything by the book I’ve been leasing out my house with "consent to let" from Hampden on a standard mortgage for the last three years. Hampden have put forward an ultimatum retracting their consent to let unless we transfer to one of their "buy to let" deals.
- I bought a house 3,two years ago in Liverpool when I worked locally. I got a promotion which requires working in Watford. I drive down on Sunday afternoon and live with a cousin mid week. I am now thinking ofmoving home to avoid the commute. I am considering the option of renting out my current home. The mortgage is with Hampden, would I have to move onto a new mortgage rate or should I apply for consent to let?
- I currently have a mortgage offer with Hampden. I anticipate that I will complete in the coming weeks, however I may potentially be moved overseas for work. How likely is it for me to obtain consent to let from Hampden within a few months of drawing down on the mortgage. Are there any other options open to me?
- Your view would be appreciated as to whether consent to let from Hampden is the right option. I acquired my property last March by porting a Hampden mortgage product. My fixed rate finished five months ago I'm weighing up moving in with a new partner. I don't want to sell my house yet as I have no idea as to whether the new move will work out. Would it be likely that Hampden would grant a consent to let based on me letting out my property on a short hold tenancy for 1-2 years and then I will commit to a B2L product or sell it?
- I have a Hampden home loan currently and may want to let it out temporarily with consent from Hampden for (1 year). How long do you have to wait until you apply for consent to let??
- Hampden. Will they grant consent to let a house for 18 months? I plan to return as an occupier.
- Prospective tenants are about to move into my property and I have mortgage offer from Hampden on new house on condition of consent to let for original house. How long should it take to receive letter once I send back a completed application with cheque.
- I am planning on relocating within the next six months and want to let my house out. My mortgage rate is fixed with Hampden. I am worried a 1% increase would be too much if that was a condition of getting consent to let
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above Hampden consent to let Questions and Answers
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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them taking legal action 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