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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.
Hodge Equity Release Consent to Lease Example Support Desk Enquires
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Bottom line - if worst comes to the worst what action Hodge Equity Release can take if I have let out my house if consent to let is not first obtained?
- I would like to explore if I can get consent to let on my current flat. I have a mortgage with Hodge Equity Release but my situation has changed. I'm looking to move in with my partner and son who have a house and more room than my small home. I doubt I will qualify for a buy to let mortgage as I don't have the funds for a deposit nor do I earn more than £25000 per annum.
- After fifteen years in Manchester, I'm considering relocating to be closer to family. We've only been homeowners for the last two years and about to renew our mortgage with Hodge Equity Release. In the relocation destination, we are be looking at a 4 bedroom property around the £250k mark. I would preferably like to retain my existing property. Could I ask for Consent to Let from the proposed new lender Hodge Equity Release. If granted what are the likely conditions?
- I may have the chance to go and work abroad in a couple of years. I am therefore thinking of scaling down to a newbuild apartment in Islington which I could rent out more easily as and when required. I would aim to retain 50% equity in the new apartment which would be my home for a while. My current lender will only grant consent to let for a year. I anticipate renting it out longer term and not having consent could land me in a whole host of trouble. B2L seems inappropriate given that I will be living there, maybe for 2-3 years initially. What product should I be seeking, and from whom? Do lenders such as Hodge Equity Release grant consent to let for an open ended period?
- My husband and I have a consent to let letter that I have obtained from my management company. I would think I need to send this with a letter to Hodge Equity Release with a view to gaining consent to let from them. What address shall I post it to?
- I am thinking of moving in with my boyfriend at his home and would like to rent out my property that I bought last autumn, I'm just not sure of the process as my property is my first home. What hoops do I need to jump through to gain consent to let from Hodge Equity Release If I obtain consent will my mortgage payments go up?
- Just wanted to know what needs to be provided to Hodge Equity Release in order to get consent to let? I just finished a three year fixed mortgage and possibly moving to another apartment with my girlfriend.
- Last month completed on a ground floor flat in Redbridge. I am a FTB. I am moving Paris next month, can I get consent to let from my lender Hodge Equity Release or do need to wait for at least 6 months?
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General Advice to read in supplemental the above Hodge Equity Release consent to let Questions and Answers
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
If 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 notify 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
Leasehold properties
If your property is 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 conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
If you do not keep up the payments on your mortgage with Hodge Equity Release your property may be repossessed