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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.
GE Money consent to let: Q and A’s
- Me and my husband live in a house where there exists numerous spare bedrooms. We are looking into the idea of creating an holiday let type operation to rent half the home out on a check-in and check-out basis. Is this is likely to be permitted in accordance with GE Money’s consent to let protocol?
- I have just been presented with an excellent career opportunity for 9 months in Denmark. I do have sufficient cash reserves to meet the monthly GE Money mortgage however the block insurance stipulates continuous residency in order not to be invalidated. Last Christmas the roof suffered storm damage but was repaired. Should there be any problems in the winter months I would find it hard to cover the remedial works. Would I be eligible for consent to let by GE Money for a limited period?
- My husband and I currently live in Dubai and leasing out our flat in the UK. This was unplanned but an opportunity presented itself and we took it. The rent we make on the flat is not enough to cover the mortgage so we send back money each month to make up the shortfall. Anyway this morning I got a letter in the mail from our lender informing me that as the property is being let out and has been for almost four years we will have to pay 1.5% interest on top of our current mortgage rate. One option would be to sell up but this will be difficult as I am so far away. Could we remortgage with GE Money and get consent to let?
- How many months after getting a new mortgage do I have to wait before I can seek consent to let from GE Money? To give some history I purchased my flat in Newham nearly two years ago and am currently on a three year fixed rate. Not long after I met my partner and plan to move in together. I intend to get another fixed term next July. I assume that I would have to hold off for at least half a year before I could seek consent to let. Is that right?
- I have a mortgage with GE Money on a three year fixed term contract. I may have an opportunity for a teaching post in Belgium next summer. Am I eligible for consent to let from GE Money were I to accept this opportunity overseas?
- Prospective tenants are about to rent my property and I have mortgage offer from GE Money 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.
- Do GE Money grant consent to let? I am just considering this in order to move home in the the near future
- I am hoping to fix my residential mortgage with GE Money but due to work related issues I may have to go abroad for few years. Will GE Money allow and give consent to let and there be any penalty
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider 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
Failure 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 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 trigger the freeholder commencing forfeiture proceedings.
Co-ownership
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.
Your property may be repossessed if you do not keep up repayments on your mortgage with GE Money