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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.
Questions and Answers: Hodge Equity Release consent to let
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In a worst case scenario what action Hodge Equity Release can take if I have rented my property without consent to let?
- We are a young couple and we have identified a house in Hackney that we like and wish to take out a mortgage with Hodge Equity Release. My concern is that I am pregnant and might give birth very soon as I am on my 9th month of pregnancy. This wouldn't make it impossible for us to move straight away so we are contemplating living with my mum and dad for the next few months. Meanwhile, if we get this property, we can lease it out. We just wondering how will that work out? Will we be liable to get consent to let by Hodge Equity Release
- I have a Hodge Equity Release mortgage and have been renting my apartment omitting to get consent to let, making me in contravention of my mortgage contract. I think I have come onto their radar that I am not residing there. Is my best option is to sell the property before repossession?
- How long do I need to have a further advance from Hodge Equity Release before I can get consent to let. Can I call a member of your team to discuss my options please?
- I am looking to Hodge Equity Release to grant consent to let out my studio flat in Barnet. I am moving to Holland for Eight months for work.
- I was just wondering if Hodge Equity Release were picky when giving out consent to let. I sent my request on date and I am waiting to hear back. Should I start chasing or wait for a bit longer?
- I would like to buy a new house but can't afford to sell the current property with a Hodge Equity Release mortgage. Do you know acceptable terms for Hodge Equity Release to issue consent to let? Is getting married and having kids an acceptable reason to seek consent?
- 17 months into homeloan with Hodge Equity Release due to work reasons need to move. Is it possible to get buy to let or consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above Hodge Equity Release consent to let information
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
Failure 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 terms are not adhered to 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 commencing legal proceedings 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