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.
Sample questions relating to Hodge Life consent to let
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I rent out my property in Lewisham. I didn't apply for consent to let. I moved to Amersham for work relocation purposes and was unable to cope with the traveling but was nervous that Hodge Life would charge me a small fortune so I decided to take the risk. I'm hoping to legitimise it now... basically continue leasing it but with consent. What course of action do I take now?
- Under what scenarios will consent to let for a property be granted by Hodge Life? How long do you have to have had the mortgage before consent to let can be granted by Hodge Life? By way of background:Our home is a very small apartment which is too small for us, my husband is also unwell and we are far away from family who could provide a bit of relief, in the form of babysitting. I would be interested in seeking consent to let in the first instance with a view to put a tenant in it to offset the costs of the Hodge Life mortgage.
- My fixed rate mortgage with Hodge Life runs out May next year and I wish to fix for another three years with Hodge Life, with any luck rates will still be low. In in next couple of years I might wish to move for a couple of years to a different county. How simple is it to get consent to let from Hodge Life in this situation? Assuming that monthly rent payments would be about £250 above the Hodge Life mortgage payments.
- We are planning to lease out my apartment for 12 months from 12th October 2016. Is there conventional wording for a letter I can use to send to Hodge Life to seek consent to let.
- I am one year into a three year normal mortgage with Hodge Life. Just enquiring whether it's permitted to let out the flat on my current mortgage. Will Hodge Life issue consent to let?
- My Hodge Life mortgage is coming up for renewal. We would like to apply for a new fixed rate mortgage and then seek consent-to-let. Is this possible? We don't use the house much now that our kids are growing up, and would be better used as a rental.
- I am currently in the process of applying for a mortgage through Hodge Life - There is a chance that in the coming months I may decide to rent the property out - how would I swap the FTB mortgage to a buy to let mortgage?
- What, if any, income criteria do Hodge Life set for consent to let on an existing standard mortgage?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Hodge Life 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
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 restrictions are not strictly observed you may be in breach 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with Hodge Life your property may be repossessed