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Need professional advice for your consent to let with GE Money Home Lending Ltd? 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 GE Money consent to lease
- Me and my husband are looking to buy a studio flat with 10% deposit with the aim of living there. Somewhat fortuitously the in-laws have plans to move abroad If we were to proceed with a residential mortgage with GE Money would there be any issues with switching to consent to let ?
- Hi, I have a mortgage on an apartment with GE Money and I am thinking of leasing the property out. Could this be done without changing to a buy to let or obtaining consent to let from GE Money?
- My flat has a mortgage against it with GE Money and I have been letting out the property omitting to get consent to let, making me in contravention of my mortgage terms and condition. They may have suspicions that I am not living there. Is my best option is to sell the property prior to being repossessed?
- I am expecting to apply for consent to let from my current mortgage lender GE Money. A friend of mine said that he was given ‘consent to let’ confirmation from a different lender where it stipulated that the tenancy granted must be in the form of an assured shorthold tenancy. Can you explain what this is?
- I have separated from my ex and we have each moved into our parents house and intend to divorce. What do I have to do to get GE Money to give consent to let our house out to tenants?
- I have just got married and I am in the process of buying out 100% of my co-ownership mortgage with my wife. As a result we have now been given a 90% loan to value on our house. We want to buy a larger home. Will it be possible to get a consent to let on my new mortgage with GE Money to allow us to get a mortgage also with GE Money for a new home?
- Is it possible to remortgage with GE Money with consent to let if my fixed rate is coming to an end. Circumstances would not have changed.
- I would like to know if I have a normal mortgage with GE Money and decide to let it out, does the rate increase and are there any associated fees for obtaining consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above GE Money 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
Should the tenure of your property be leasehold, the lease may prohibit 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 potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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 GE Money