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.
Frequently asked questions relating to HSBC consent to lease
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What options are open to me if my request for consent to let is turned down by HSBC?
- Is it legal to rent out our house in the absence of consent to let from our mortgage provider? I recognise that initially we signed a declaration stating it wouldn't be a buy to let property and that we don't own other property. I know you can't use H2B if you owned other premises at the time, but what about property thereafter? Can one purchase a further property, or inherit a property?
- I have a mortgage with HSBC however my husband and I will be moving to Cape Town in January. The mortgage is in my name yet it is my husband's job that is taking us abroad how do I answer the question: 'please indicate why you wish to let the property':
- I are looking to lease out our ground floor flat in Enfield in January. I would like some advice 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.
- What is the process for getting a consent to let application form from HSBC and how quickly can I get the consent?
- I was just wondering if HSBC were picky when considering consent to let. I sent my request on date and I am waiting to hear back. Should I start chasing or wait for a bit longer?
- I am looking for some generic information on consent to let. I currently have a mortgage in place with HSBC. I have had approval to temporarily rent out my apartment from the managing agents and they asked if I have consent to from HSBC.
- Are you aware of any flexibility in the accepted equity ration before switching from an existing HSBC mortgage to a consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above HSBC consent to let Advice
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 obtain the consent of 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
Neglecting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with HSBC