Need Help?
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.
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.
I plan to get in touch with GE Money to obtain consent to let out my home in GE Money. However I have put the house on the market but there are no takers and paying a full mortgage, council tax and insurance on vacant house is draining me financially. How are GE Money going to react if I have the house on the market?
I am a FTB hoping to complete on a small house in GE Money. I have a 50% deposit and expect a mortgage from GE Money. My dilemma is that my girlfriend has a flat in Slough and I hope to be moving in next year, at which point I would want to let out my house. I I know that consent to let is needed but it does not sound like a positive outcome is assured. Is there any advice you can impart?
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.
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.
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 terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Failure to advise 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.