Need Help?
Need professional advice for your consent to let with Generation Home? 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 Generation Home consent to lease
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We just obtained consent to let from Generation Home. After some effort, Generation Home have issued me with ‘consent to let’ confirmation . The conditions attached to the consent refer to an assured shorthold tenancy. What is that?
- I have just come off the phone to Generation Home and they tell me that they have found out that I am letting out the maisonette despite having a domestic mortgage. I moved out three years ago for career reasons, couldn't sell and so had little option but to let out my property. Are you able to advise me on the implications may be for me not getting consent to let?
- me and my wife have just sorted our rates for another fixed period with Generation Home. However, I attended an interview and basically I accepted the job offer in Tower Hamlets. I'm going to rent a one bed flat for me and my family in Hounslow as we don't wish to sell the house whist there is a possibility that we come back before two years.... We really don't know how things will go. We called Generation Home but we would like also your point of view please. Is it possible to get consent to let in that case as we secured a fixed 5 years rate we really don't want to swap this.
- I am intent on acquiring a property, renting a couple of the bedrooms out to help cover the loan with Generation Home, and then moving on in a few years time - at which point the property would be fully let. Is it likely that Generation Home would frown upon this as I will have been granted a owner-occupier homeloan rather than a B2L or consent to let? I've heard that the worst possible outcome is that they can sue for mortgage fraud, is this right?
- I am seeking from Generation Home consent to let out my house in Bromley. I am putting in hand arrangements to live with my grandmother as I am off work through illness.
- I am looking to place my house on rent due to job commitments and was enquiring if this is possible to negotiate consent to let. It is on a fixed rate mortgage with Generation Home until 2018 December
- I currently have my mortgage with Generation Home and have been for the previous eighteen months and I am interested in finding out some more information about the possibility of obtaining 'consent to let’.
- I need to lease out my flat to be nearer to my son’s college and take care of my mother. Do I need consent to let from my lender Generation Home?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Generation Home consent to let Advice
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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Generation Home