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.
Questions and Answers: GE Money consent to let
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Frank (my fiance) and I may need to lease our Southwark home for a while due to me taking a sabbatical. This will be short-term but perhaps for three years. Do I inform GE Money or should I not rock the boat?
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Can you clarify if consent to let obligatory from GE Money or can I lease out my basement flat without telling GE Money and being forced to switch to a B2L mortgage?
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Finding myself in a catch 22 with a Consent to Let mortgage. Having sought consent to let the bank has requested that I produce an executed Assured Shorthold Tenancy before they will grant consent. Is is not the case that if I adhered to their request that I would be violating the terms of my existing mortgage?
- We have just sorted our rates for another fixed five years with GE Money. However, I went to an interview and basically I accepted the job offer in Harrow. I'm going to rent a small flat for me and my family in Tower Hamlets as we don't wish to sell the house and moreover we might come back before two years.... We really have no idea whether it will go. We called GE Money but we would like also your take on the situation. Is it possible to obtain consent to let in that case as we just got a fixed 5 years rate we would not want to lose this rate.
- My husband and I are looking to ask GE Money for consent to let out our home in Islington. We are moving overseas for 3 years and would like to to let it out. I didn't check this out when we got the GE Money mortgage, and that was due to the fact that we never foresaw an opportunity would arise such as this so was planning on occupying the house.
- My husband and I wish to let out my home. Do I simply need to send a letter to GE Money requesting consent to let out the house?
- Can you help with a question...if consent to let is granted by GE Money would it usually be restricted to a time limit, such as 6 or 12 months?
- We are looking to place our matrimonial home on rent due to work commitments and was curious if this is possible to get consent to let. It is on a fixed rate mortgage with GE Money at the moment until 2018 September
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above GE Money consent to let information
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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 provisions in the lease may prevent 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 potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with GE Money