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.
Top Five Questions relating to GE Money consent to lease
- I am interested in understanding the conditions borrowers have to satisfy before consent to let from GE Money is issued. Are there any restrictions on who can be issued with consent?
- Can you please tell me what GE Money charge for consent to let out a room in my ground floor flat? Any information would be appreciated.
- I'm planning to remortgage my two bedroom first floor purpose built maisonette, currently rented with consent to let from GE Money, onto a BTL rate as we will not be moving back into it now since we have our family home. So, I'm assuming I need a specialist broker for this and I am not really familiar with what my options are. Are you able to offer any advice on an efficient broker service specialising in BTL?
- I am looking to apply to GE Money for consent to let on my existing residential property in Westminster. I am hoping to release equity from my existing property ahead of this, and making use of that money to buy a new residential property. I will live in that property whilst doing it up for nine months at which point the intention is to sell it then move back to my current house. Is this something GE Money will consider consent to let for or is that out of their criteria?
- It would be helpful to know if on the balance of probabilities GE Money will grant consent to let out our flat in Havering
- I wish to let out the attic in my house in Bromley. Do I need consent to let from my mortgage provider GE Money?
- My wife and I are thinking about applying to GE Money to obtain consent to let our property, how long does it take between submitting the application to us finding a letting agent and listing our house for rent? and are there any further steps we will need to go through?
- Am I required to get consent to let if I rent to a family member (in my situation my father now lives there and contributes towards the GE Money mortgage)?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above GE Money consent to let information
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
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 regular 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent 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
Failure 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.
If you do not keep up the payments on your mortgage with GE Money your property may be repossessed