Need Help?
Need professional advice for your consent to let with Hodge Life? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Common questions relating to Hodge Life consent to lease
-
I have been asked by my proposed tenants for a copy of my ‘consent to let’ from Hodge Life, my bank. Why would they ask for this
- My question does not relate to consent to let, I was wondering if you have an address or telephone number for a dedicated Hodge Life help desk who processes consent to let applications. Hodge Life has a first charge over my property.
- What is the process for obtaining consent to let from Hodge Life? What information do they ask for? is there a fee to pay? How long the consent is valid for? Do I need to renew it every year? What if I obtain a consent but decide not to lease out the property?
- As a result of a change in personal circumstances my wife and I are moving to my mum and dad’s house while they are away and letting our home out. We are going to need for consent to let from Hodge Life. Will this be issued? We will need to remortgage in the next 12 months will we then have to move to a BTL product. We intend to return to our property at within the next twelve months?
- My GF is considering placing an offer on a new property in Barnet and is getting a good deal as it needs renovating. We want to rent our current property for two years and come back to live. Will I be given consent to let by Hodge Life?
- Last month I completed on a house with a Hodge Life mortgage. However I am presently living with mother and father. I don't want to move in until next February due to some family reasons. In interim can I lease out the property with consent to let?
- Last month I bought a house with 10% deposit for personal uses. A mortgage was taken with Hodge Life. However my circumstances have now changed. I am being transferred out of the area. Am I able to get consent to let from Hodge Life and put the house up for rent?
- I am currently refinancing and looking at flexibility of certain lenders when it comes to consent to let. Hodge Life is one of the lenders I am considering. How accommodating are they when it comes to consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Hodge Life consent to let Advice
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 breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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.
If you do not keep up the payments on your mortgage with Hodge Life your property may be repossessed