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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.
Questions and Answers: GE Money consent to let
- A couple of years ago I was granted consent to let from my current mortgage provider which is about to expire. I have since been traveling and had my first child. I'm not earning enough just now to cover the mortgage by myself. I have been told I can't extend my consent to let and if I continue renting out I will be in contravention of the terms of my mortgage conditions. As a result of my low income I don't think the buy to let will be approved. One option I am thinking about is remortgaging to GE Money. Are they likely to issue consent to let from the start?
- I own a garden flat but I am hardly there, deliberating the possibility of renting it out. The mortgage is with GE Money, would I have to change my mortgage rate or do I try to get consent to let?
- A year ago my bank (not GE Money) gave me with consent to let. This was subject to a provision that every half year they would levy a charge of 0.5% of the remaining mortgage amount. Having the first couple of payments they have omitted to make the charge in recent months. This may be no more than a simple error but I am nervous that it would also mean I no longer have Consent to Let.
- I refinanced with GE Money recently, borrowing extra with the intention to extend the property. That plan has proved not to be possible and I now intend to purchase a further property as my main home and lease the old property out with consent to let. Is that likely to open up a can or worms?
- I have a mortgage with GE Money on a 2 year fixed rate. I could have an opportunity for a teaching post overseas next year. Would I qualify for consent to let by GE Money if I took this opportunity abroad?
- Just looking for some information. I already have a mortgage in place with GE Money. I have been given licence to sublet my apartment from the freeholder of the block and they asked for a copy of the consent to from GE Money.
- Does my loan to value need to be at a certain level to allow me to apply for a consent to let from my mortgage lender GE Money. Will any consideration be given to the fact that I only took out the mortgage four months ago?
- Me and my OH and I have three months to left on a 2 year residential mortgage with GE Money but now let the flat out. Can I assume they will simply charge a flat fee for consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above GE Money consent to let Questions and Answers
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
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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with GE Money