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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
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Is consent to lease required from GE Money or can I lease out my new house without telling GE Money and having to switch to a buy-to-let loan?
- I have a home loan with GE Money on a flat and I intend to let it out and rent an alternative property as a result of changes in personal circumstances - I want to move to a new area, and to live in a bigger house with my partner. I sought consent to let and yesterday got a response refusing as they determined that I want to invest. I dont know what my options are. The process has put me at risk since I am already committed to the new property and would have to pay both the GE Money mortgage and rent payments, which could expose me financially. The matter is urgent as a prospective tenant is waiting
- How difficult it would be to obtain consent to let with GE Money. I'm interested in fixed homeowner mortgage and plan to reside at the property but would like to know my options if work has opportunities elsewhere for eg within the next couple of yrs Could you let me know generally how receptive GE Money are regarding consent to let?
- My husband and I are in a complex mortgage situation currently. We have to lease our house with consent to let and move to a different location due to schooling. We are about to rent a property. We are finding it very difficult to find a better mortgage deal for our consent to let home. Is there is a list available as to which lenders grant consent to let and what their conditions are?
- When it comes to consent to let from GE Money am I obliged to tell them each time we get a new tenant and send them a copy of the tenancy?
- I was just wondering how to obtain consent to let from GE Money...do I phone them or apply formally in writing to them?
- I am planning on moving inside the next eight months and would like to rent my property out. My interest rate is fixed with GE Money. I am worried a rate hike would be too much if that was a condition of obtaining consent to let
- My wife and I may want to lease our home temporarily due to a new job. This will be for a limited period but perhaps for threeyears. Should I tell GE Money or do I keep quiet?
Find out more about how flying freeholds can affect the marketability of a property.
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
Where 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 null and void. 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
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 conditions are not complied with you may be in violation 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with GE Money