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 looking to get a consent to let from GE Money as my personal situation has altered. My stepdaughter started college and I concluded that we would move to the area and chose to buy a property as opposed to spend the money on renting. Since purchasing the house there has been serious deterioration in my relationship with my my step daughter and she won't move in. Since the whole idea was for her and the house location is not particularly convenient for my work I would like to move out and let the house
- I have a residential property but I am moving with my girlfriend to a different location for work purposes and moreover near her university. Im keen keep my house but it is unlikely that I can afford a BTL rate. It will only be temporary -3 years until my girlfriend completes her degree and I can sell, or move elsewhere. My mortgage is with GE Money. Do you think they will grant consent to let?
- We I have a standard mortgage with GE Money but I would like to occasionally take in lodgers....do I need consent to let from GE Money?
- My OH and I are looking to let out our garden flat in Havering in March. I would like some advice on what I need to do. I've just moved our GE Money mortgage to a fixed term and just need to understand what the procedure is if I plan to get consent to let.
- My husband and I were curious as to whether it is possible if you own one property with consent to let from GE Money, to buy a second with a domestic mortgage to live in. Then once the consent runs out on the first property, to change to buy to let or sell it?
- I currently have a mortgage with GE Money that I would like to transfer to a consent to let as we have found another property we are looking to purchase. How do I apply for consent to let from GE Money and what are the steps within the process?
- I have a mortgage with GE Money at present and just wondering about the procedure for getting a 'consent to let'
- Please can you set out the process for getting a consent to let by GE Money? Are there certain policies for instance you have to have owned the property for a year before its granted?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above GE Money consent to let Info
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with GE Money