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.
GE Money Consent to Lease Example Support Desk Enquires
- I need to change my residential mortgage with GE Money to a consent to let and looking for some advice please... I purchased my first home in Edgware in 2010. After a career opportunity I moved to Belfast, and three months ago got a residential joint-mortgage with my partner. I am inclined to stay with GE Money and seek consent to let rather than attempt to apply for a new mortgage elsewhere, but if GE Money refuse what lenders can I approach.
- Because of my job, I am confident that GE Money will issue me with Consent to Let from day one of purchasing a property. My intention is to buy a property in Hackney and let it out, I will remain in the house that is provided (rent payable) by my employer. As I will be renting out the property I will clearly have to complete a Self Assessment Tax Return, but I just want to check that although it is the only house I own (and it is not on a buy to let mortgage), will I still be able to utilize Tax relief on the interest on the mortgage and the associated costs of leasing out the property. I can only find information for those with a buy-to-let mortgage, but mine will technically be residential.
- Is it the case that the letting agents we rented through have a duty of care to have ensured that the landlord got consent to let from GE Money?
- My fiance have an offer accepted to purchase a property, we have a deposit of between 20-25% for a domestic mortgage with GE Money. The one concern is we may go overseas in 2 months for work. We are going through our mortgage broker. He says if you tell this to GE Money up front you will need to get a buy to let. Do go ahead with residential mortgage with GE Money, in a couple of months seek consent to let? Otherwise, do we try and speak to GE Money now and disclose there is a possibility we will move abroad in the future (nothing is definite concerning the move abroad) and see if they agree before hand that it wouldn't be a problem
- It is looking as though I may need to move to NYC for a couple of years, I have a property with a GE Money mortgage. Do I need to seek consent to let? Will they be obliging?
- I am interested in further information concerning consent to let mortgages, potentially switching our current mortgage with GE Money across to a consent to let one.
- Was wondering how to seek a consent to let from GE Money with whom I have a mortgage with. There is a remaining balance of 47k. The value of flat is 110k. Property is in my name but my wife and I would like to purchase a garden flat in Camden we have seen together. How do we go about it?
- Assuming that I was successful in obtaining consent to let from GE Money, could I sell during the consent period? Is it possible that I would incur any charges?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above GE Money consent to let Info
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 your covenants under 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 commencing legal proceedings 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 GE Money