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.
Frequently asked questions relating to Hampden consent to lease
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I have a residential mortgage approaching refinancing with Hampden. The property has been sub-let for a few years and I think I should informHampden. My understanding is that I should seek consent to let, but bearing in mind that the property has previously been rented out could they refuse - insist I go onto a BTL mortgage or even apply a penalty? There is excellent equity - 30% LTV and have never missed any payments.
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I plan to apply to Hampden to obtain consent to let out my home in Hampden. However I have put the house on the market but there is no interest and paying a full mortgage, council tax and insurance on unoccupied house is a financial drain. How are Hampden going to react if I have the house on the market?
- Can you please tell me what Hampden charge for consent to let out part of my two bedroom apartment? Any advice would be appreciated.
- I am seeking some feedback as to whether consent to let from Hampden is the right option. I acquired my property last June by porting an existing Hampden mortgage product. My fixed term expired two months ago I'm probably going to be moving in with a new partner. I would prefer not to sell my house yet as I have no idea as to whether the new move will work out. I just wanted an idea of whether a consent to let from Hampden would be possible?
- I don't currently have consent to let by Hampden but I would like to change to one, I am looking at working away for eighteen months. But want to keep my property for when I come back - are you able to assist?
- We are close to purchasing a flat and plan to live in it once we have refurbished but we may need to let the property out but not clear on what the rules are on consent to let from Hampden? We don't need a buy to let mortgage because we are not certain if we will need to let it out at all
- I could potentially need consent to let from Hampden in the future with work. I am just checking what the options would be if this was the case. Are there any time restrictions on the length you can let out your property with consent?
- Do you know if there is normally a required loan to value amount before Hampden will consider consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Hampden consent to let Info
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 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
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from 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
Failure to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Hampden your property may be repossessed