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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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Doing everything by the book I’ve been leasing out my house with "consent to let" from GE Money on a regular mortgage for the last two years. GE Money have advised of their intention of withdrawing their consent to let unless we switch to one of their "buy to let" deals.
- In what situations will consent to let for a property be granted via GE Money? For what period of time do you have to have had owned the property before consent to let can be obtained from GE Money? By way of background we are moving abroad for a year and a half with my wife’s company and will need to rent our house. I would be interested in gaining consent to let initially to be able to renting the property out to offset the expense of the GE Money mortgage.
- I am a landlord having served eviction orders on a tenant who had not paid rent. The relevant proceedings have been issued. The tenant's defense for refusal to pay is based on the claim that I do not have consent to let my one bed flat from my mortgage company GE Money
- My house had been tenanted for three years from 2009-2012 while working Amsterdam. I have a letter dated January 2010 from my lender granting consent to let. In the letter it explicitly stipulates that the consent to let is valid for "the remaining term of the mortgage". I have not remortgaged since the letter was issued. I now plan to move house and rent out my existing house. However, my mortgage advisor has suggested that the 2010 consent to let letter may not be sufficient for the new lender GE Money for the house I wish to buy.Your view would be appreciated
- I am trying to find out GE Money fees for conversion to consent to let from a fixed rate residential mortgage?
- Do I need to wait for consent to let to be issued on my current domestic mortgage with GE Money before applying for a resi mortgage on a new property?
- I am interested in some guidance on how best to approach my mortgage provider GE Money regarding a 'Consent-to-Let' application. Is this something you can offer guidance on ?
- I am looking to get consent to let with my GE Money residential mortgage. It is a 3 bedroom house. Will GE Money grant consent on this basis? Or would it be regarded as an HMO?
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Information to consider in supporting the above GE Money consent to let Questions and Answers
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
One thing to remember when arranging a consent to let mortgage with GE Money is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 terms are not adhered to you may be in violation 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 record their consent in writing.
If you do not keep up the payments on your mortgage with GE Money your property may be repossessed