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.
Top Five Questions relating to HSBC consent to lease
-
For the last few months I have been letting out my flat in Wandsworth. I didn't get consent to let. I moved to Ashford for work and couldn't do a commute but was worried that HSBC 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?
- Hi, I have a mortgage on an apartment with HSBC and I am contemplating the idea of renting my property out. Can I do this without switching my mortgage or getting consent to let from HSBC?
- Earlier this year I rented out my garden flat having secured Consent to Let with my bank. Half a year has now elapsed and they have loaded my payments as previously advised. I am unwilling to swap to a preferable product with them, as they will remove my consent to let. If I was to go with another provider such as HSBC, would I be required to obtain a Buy To Let loan or could I simply remortgage and obtain consent to let?
- My husband and I took a mortgage out on a ground floor flat last August however I will be working outside of commuting distance of Tower Hamlets for the foreseeable future but hope to find work closer in the long term. Given that I recently acquired the property I will lose money if I sell and do intend to return to Tower Hamlets so would like to keep it. How likely are HSBC to allow a consent to let and what will it cost me ?
- HSBC residential mortgage. Will they issue consent to let a house for 18 months? I will move back in again as an owner.
- We are interested in finding out more about the HSBC consent to let process and prerequisites for granting.
- I have tenants ready to move in and I have mortgage offer from HSBC on new house on condition of consent to let for original house. How long should it take to receive letter once I send back a completed application with cheque.
- How likely is it that HSBC force me into a consent to let product whilst in a fixed rate product for twenty four months?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above HSBC consent to let Info
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
If your property is 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 conditions are not complied with you may be in violation of your covenants under 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 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 HSBC your property may be repossessed