Need Help?
Need professional advice for your consent to let with HSBC Bank plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Examples of recent questions relating to HSBC consent to let
- A year ago my building society (not HSBC) granted me with consent to let. This was subject to a provision that every 6 months they would add a charge of 0.5% of the outstanding mortgage amount. Having the first few payments they have omitted to make the charge in recent months. This may well be a simple error but I am nervous that it would also mean I no longer have Consent to Let.
- We currently have a five year fixed rate home loan with HSBC that we're about 18 months into. Our situation has now altered and we would like to rent out our flat for a year and move to another town. How do we minimise the risk of HSBC refusing to grant consent to let.
- Me and my husband bought a apartment in Sunderland and will be moving to Amersham at the beginning of March. I have a letting agency and tenant now. I was proposing to leave everything as it stands as I'm afraid HSBC will insist that I change my mortgage rate for buy to let and am unable to afford that. I would like to seek a consent to let via HSBC but am afraid if I show my hand it would result in no end of issues
- My partner and I are looking to lease out our three bed flat in Westminster in March. I would like some guidance on what I need to do. I've just moved our HSBC mortgage to a fixed term and just need to understand the process and what information I'll need to get consent to let.
- I am looking to HSBC to issue me with consent to let out my home in Merton. I am travelling for a year
- Can I get an interest only mortgage with consent to let when my current HSBC deal runs out December 16?
- My HSBC 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 want to get consent to let from HSBC for a few years at which point I can turn it into a BTL. Is this feasible
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above HSBC 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
One thing to remember when arranging a consent to let mortgage with HSBC 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 regular 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
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 conditions are not complied with you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with HSBC