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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.
Hodge Life consent to let: Q and A’s
- I bought a house three years ago in Leeds when I worked locally. I got a promotion which requires working in London. I drive down on Sunday afternoon and live with a family member during the week. I decided on relocating with the family to avoid the commute. I am looking into the possibility of renting out my existing home. The mortgage is with Hodge Life, would I have to move onto a new mortgage rate or do I apply for consent to let?
- Good morning, I have consent to let my property with Hodge Life and am now looking to give my tenant two months notice as I want to find a buyer. I am worried about the property being unoccupied once the tenant goes and finding a buyer. I have never defaulted on the account, would it be possible to take payment holidays until I complete the sale?
- I have a house that's presently under shared ownership (My share is 50%) purchased in September 2013. I am currently going through the full purchase of the house. My partner and I also have in mind a second house that we are looking to purchase. Mortgage in principle has been issued by Hodge Life. I would like to know that I will be able to put the existing house through consent to let as soon as the remainder share has been purchased so, that we can start the process of buying the new home
- My wife and I have a flat in Wandsworth which we purchased as a new-build just over seven years ago. As we've now got a young son we need a larger home. We've found a house in Merton that we wish to buy and want to keep the flat as an investment to rent out. The mortgage is with Hodge Life and we've found a tenant who will pay rent in excess of the monthly mortgage amount. Our query is, can we hold onto the repayment mortgage with Hodge Life so we effectively paying off our loan on the property or must we to switch to a buy-to-let product?
- I'm possibly going to Dubai for twelve months with work. Planning on taking the husband with me and hoping to rent our Hackney property in the meantime on a short term basis to make things more cost effective. I was just enquiring I have filled in my application form but I'm unsure where to send it
- I have fixed rate mortgage with Hodge Life. I may have to rent out my place due to necessity. If I apply for consent to let, will I have to pay significantly more interest?
- Is there a time limit on a consent to let from Hodge Life? 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?
- My husband and I am looking into the option of leasing out my house with consent to let from Hodge Life whist away travelling for four months
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Hodge Life 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
Where 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 inform them may trigger 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 lease may prohibit 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 violation of your covenants under 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 commencing legal proceedings 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