Need Help?
Need professional advice for your consent to let with Hodge Equity Release? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Need professional advice for your consent to let with Hodge Equity Release? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Exciting times as my better half and I will move back to Perthin Month, possibly short-term but potentially longer term. I'm in the process of writing to Hodge Equity Release to obtain consent to let out our home in Hodge Equity Release. I have had a mortgage with Hodge Equity Release for three years and I am up to date with payments. Hodge Equity Release say, that even if they consent to the letting, that this will be a temporary arrangement for 12 months. After the year is up what happens next?
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.
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them could result in your insurance becoming invalid. 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
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 restrictions are not strictly observed you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Omitting 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.