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.
Frequently asked questions relating to Hodge Equity Release consent to lease
-
My lender has placed me in a difficult predicament with a Consent to Let home loan. Having sought consent to let my bank has requested evidence of a signed Assured Shorthold Tenancy before they will grant permission. If I get a signed tenancy agreement would I not be violating the terms of my existing mortgage?
- I have a garden flat in Merton let out which has a sixty year lease. Mortgage adviser said I should remortgage (currently with Hodge Equity Release) as a buy to let rather than consent to let and release 65-70k which on top of a new mortgage based on my income would give me a budget of £195k. Limited available in Bexley for me to buy my own house. To extend the lease will be in region of 13k. Not sure sure whether to hold on or sell the flat?
- Because of my job, I am in a position where I anticipate that Hodge Equity Release will issue me with Consent to Let from the outset of purchasing a property. I currently plan to buy a property locally and lease it out, I will remain in the house that is provided (rent payable) by my employer. As I will be letting out the property I will obviously have to complete a Self Assessment Tax Return, but I just want to check that although it is the only house I own (and it is not on a buy to let mortgage), will I still be able to utilize Tax relief for the interest on the mortgage and the associated costs of renting out the property. I can only find advice for those with a buy-to-let mortgage, but mine will technically be residential.
- My girlfriend and I (co-owners) are considering refinancing with Hodge Equity Release. I was doing some research concerning consent to let from Hodge Equity Release to understand the rules around potentially renting our current apartment out (probably in a in a couple of years time) if we moved away. The apartment in question was a first-time purchase for us about two years ago. We are living there now.
- Me and my sister and I have a mortgage with Hodge Equity Release on our ground floor flat in Sutton. We are planning to buy a new house to move into. How do I switch our existing mortgage on to consent to let?
- Seven weeks ago I completed my homeloan with Hodge Equity Release since when my boyfriend has proposed and we are deliberating whether to reside in his house or my property. Would I be allowed consent to let if I decided to move in with him
- We need to rent out my apartment to be nearer to my daughter's uni and look after of my father. What do I need for the application of consent to let from Hodge Equity Release?
- We are interested in more information about consent to let from Hodge Equity Release. Would a valid reason be issues with neighbours and the house is too big for me to run at this moment in time?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Hodge Equity Release 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
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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Hodge Equity Release