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.
Common questions relating to GE Money consent to lease
- I have a mortgage with GE Money on a flat and I intend to find a tenant for it out and rent another house as a result of changes in personal circumstances - I want to move to a different location, and to live in a larger property with my partner. I applied for consent to let and recently got reply with a refusal because they felt I want to invest. I as at a loss as to what to do next. I find myself at risk since I already have rented a new home and am faced with paying both GE Money and rent, which could put me in financial risk. The matter is urgent as a prospective tenant at the ready
- My plan is to move house. My question is whether consent to let will be given on my house for me to subsequently get a loan offer for the new house so I can effectively bid without being part of a chain and subsequently let my property out when I move. Will GE Money give consent to let for 9 months? Assuming the rental goes to plan is it possible for the consent to let time limit be continued?
- I found tenants for my flat last year and didn't tell GE Money. I have a five year residential mortgage (significant equity in it, never defaulted) and want to let GE Money know and get consent to let for the remaining 24 months of my mortgage . Not sure how to go about this.
- I am not sure exactly what sort of service you provide - I have a mortgage with GE Money and I would like to apply for consent to let - do you effectively help with the application for this and help answer questions related to it?
- I have separated from my wife 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 the property out to tenants?
- We are trying to figure out which lenders are best for allowing consent-to-let without hiking up rates, and hopefully allowing in excess of 2 years if necessary. Is that something you can assist me with? We are particularly interested in GE Money
- We would like to move home and have found a property we wish to purchase so are considering leasing out with consent to let from GE Money for our existing property to enable us to make an offer and not lose the potential new property.
- Just looking for some information. I currently have a mortgage in place with GE Money. I have had approval to sublet my GFF from the managing agents and they asked if I have consent to from GE Money.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above GE Money 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
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
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 terms are not adhered to you may be in violation 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 commencing legal proceedings against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with GE Money your property may be repossessed