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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
- I am looking to emigrate to Beijing . Rather than finding a buyer, I would like to lease my existing property out, just in case things turn sour and I decide to return within one or two years. My current mortgage is with Hodge Equity Release. Would I be able to remortgage with another mortgage company on a much lower interest rate then apply for Consent to Let after the re mortgage is in place?
- My granddaughter is going to work overseas for two years and would like to let her apartment out. She has a Hodge Equity Release fixed rate mortgage on repayment and wants consent to let the property as well as transfer to interest only. What does she need to do?
- I have leased out my studio flat in Hillingdon for the previous 18 months, and I didn't realise that I had to have consent to let. I would like rectify the situation. What are the legal implications of my actions?
- We took out a fixed rate mortgage with Hodge Equity Release for 2 years and have been living in the property for just over one year. Due relationship issues I need to leave so I would like to rent the property out. How can I get consent to let from Hodge Equity Release?
- Do you know if consent to let is something that Hodge Equity Release offer?
- Our Hodge Equity Release mortgage is coming up for renewal. We would like to apply for a new residential mortgage and then apply for a consent-to-let. Is this possible? We don't use the house much now that our kids have grown up, and would be better used as a rental.
- I am considering moving in with my boyfriend at his home and would like to rent out my property that I purchased ten months ago, I'm just not sure of the process as my property is my first home. What do I need to do to get consent to let from Hodge Equity Release If I obtain consent would my mortgage payments rise?
- I'm interested in more information regarding consent to let from Hodge Equity Release. Would an acceptable reason be parking problems and the property is too to small for me?
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Information to consider in supporting the above Hodge Equity Release consent to let Questions and Answers
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 Hodge Equity Release 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
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 breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform your co-owner of your intention to let could result in them commencing legal proceedings 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