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.
Examples of recent questions relating to Hodge Equity Release consent to let
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I am employed by a letting agency in loc and a potential tenant for the house has demanded sight of the ‘consent to let’ from the owners lender Hodge Equity Release. Is this a new type standard inquiry?
- A few months ago I let out my garden flat and have gained a Consent to Let with my mortgage company. Half a year has now elapsed and they have increased my repayment percentage as forewarned. I am unwilling to port to a preferable product with them, as they will revoke my consent to let. Were I to go with an alternative provider such as Hodge Equity Release, would I need to apply for a BTL mortgage or could I just refinance and gain consent to let?
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I have a current mortgage contract with Hodge Equity Release and wish to clarify if it would be possible to gain consent to let out our 2 bed flat in Hillingdon.
The purpose for wanting to lease out the property are are due to: -
- My family and I will be relocating to Melbourne in January.
- In renting out the property this will enable us to make some savings to assist with the migration process.
- It would be pointless from a fiscal perspective to pay outright for a property which we are no longer residing in and by leasing out the place this would be considered as an ongoing investment.
If Hodge Equity Release agreed that we are able to proceed with renting we would suggest some financial assurances which are as follows: -
- Maintain paying the monthly mortgage payment directly from my bank account.
- Instruct an accredited letting agent who will provide a rent guarantee scheme as a further financial safeguard.
- Supply our forwarding address for when we emigrate.
- After retiring last month I acquired a “retirement home” for my wife and myself to move to. We would like to let our current property to our kids and I have consequently asked Hodge Equity Release for consent to let. I was just seeking a general view on whether Hodge Equity Release currently allows it?
- What is the longest period that Hodge Equity Release is willing to issue Consent To Let for?
- This is not a question specific to Hodge Equity Release but do mortgage companies generally supply the information I need for my Buy to Let or Consent to Let self-assessment tax submissions?
- Will Hodge Equity Release want to know why I am applying for consent to let? Should I inform them of my potential relocation abroad?
- Do you know whether there a time limit on a consent to let from Hodge Equity Release? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Hodge Equity Release consent to let Advice
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
Should the tenure of your property be 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 violation of 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Hodge Equity Release