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
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We have a GE Money mortgage and are are up to date with payments, both employed etc. Can you tell me how much the fees are and if GE Money usually grant consent to let without porting the loan to a commercial rate?
- I was hoping you could please give me some more detail on the consent to let process. I am thinking about taking a GE Money mortgage on a £140,000 house on the coming months. The intention is to hold the house as a second home but I need to consider what options are available to me to let the property in the future. If our circumstances were to change the house would either be sold or rented.
- Islington residence worth £125,000. Remaining home loan of £18k with six years to run. Get consent to let from GE Money for current flat and make use of rent to pay off the last few years of mortgage. Apply for 70 % GE Money mortgage on second property that becomes my primary home? Is this viable?
- I understand that this is a breach of GE Money terms and conditions of mortgage if I lease out my flat having indicated that I intend to live there. The aim is to have the mortgage fully paid off after four years, by which time the property will be mortgage free, meaning I no longer require any consent to let. GE Money advised me I can overpay as much as I like during the agreement. I have someone who is interested in renting the property. What checks do GE Money do and what are the chances that they are likely to do this? Can you set out implications of not getting consent to let? From what I have read there is a possibility of GE Money levying a fine
- I am seeking from GE Money consent to let out my house in Newham. I am going to live with my grandmother as I am off work due to ill health.
- I would be interested to know what information I should include in a letter asking for consent to let my property in Croydon? I would like to send a request to my lender GE Money.
- I have a residential mortgage with GE Money - 28% equity or thereabouts. I am considering relocating for another job and was wondering if GE Money are flexible in changing the mortgage to allow for consent to let?
- I am thinking of moving in with my girlfriend at her home and would like to rent out my property that I purchased twelve months ago, I'm just not sure of the process as my property is my first home. What hoops do I need to jump through to obtain consent to let from GE Money If I obtain consent will my mortgage payments rise?
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General Advice to read in further to the above GE Money 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
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 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.
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.
Your property may be repossessed if you do not keep up repayments on your mortgage with GE Money