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.
Sample questions relating to GE Money consent to let
- My husband and I are intending to buy a three bedroom second floor purpose built flat with ten per cent down payment with the aim of moving in. Somewhat fortuitously the in-laws are arranging to move abroad In the event that we go ahead with a residential mortgage with GE Money would there be any issues with obtaining consent to let ?
- Please explain "consent to let" to me? I live in a 1 bed flat and its in good condition. It has been on with agents for two months and I am struggling to sell. This is probably due to an ongoing feud with the family next door. I was obliged to put it on the disclosure form. I am with GE Money on a standard variable rate. It has been suggested to me that I should obtain consent to let from GE Money and let the flat to tenants.
- I own a house that's currently under shared ownership (My share is 60per cent) purchased in May 2014. I am currently going through the full purchase of the house. My partner and I have also got a second house that we are looking to buy. Mortgage in principle has been approved by GE Money. I would like to know that I will be able to put the existing house through consent to let as soon as the remainder share has been purchased so, that we can start the process of purchasing the new house
- I acquired my garden flat in Sutton last June and have a 2 year fixed rate mortgage with GE Money. Looking to move in with my girlfriend imminently and wish to lease out my property. Just want to know the process.
- I have a residential mortgage with GE Money - about 28% equity. I am considering relocating due to a promotion and enquiring whether consent to let would be given so I could lease out the property?
- A work promotions now necessitates that Ibe in different places a lot and as such I wish to get to grips with the process for seeking consent to let with GE Money
- I own a residential home. I would like remortgage with GE Money and either change to buy to let or consent to let. I'm still within the redemption penalty period so not sure if there such a thing as porting to some property?
- I want to get consent to let from GE Money for a couple of years at which point I can turn it into a BTL. Is this achievable
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above GE Money consent to let Advice
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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them could result in your insurance becoming invalid. 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 breach of your covenants under the lease. This could potentially result in 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.
If you do not keep up the payments on your mortgage with GE Money your property may be repossessed