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.
Recently asked questions relating to GE Money consent to lease
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Just wondered if GE Money exercise a right to change the rates on a non-commercial mortgage that has just been approved for Consent to Let at any time, onto ‘rates in line with their Buy to Let loans'?
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What options are open to me if my application to obtain consent to let is rejected by GE Money?
- Me and my partner are presently 1 year into a year fixed rate mortgage with GE Money. Ideally we would like to purchase a larger second property in the coming months however would prefer to keep the first home and I was wondering what reason we could put down on the consent to let form to obtain consent to from GE Money
- Me and my husband live in a marital property where we have some spare bedrooms. We are exploring the prospect of setting up an holiday rental style business to let rooms out on a short term arrangement. Do you know this kind of thing permitted in accordance with GE Money’s standard 'consent to let' process?
- I'm wanting to know the criteria for consent to let from GE Money and what fees are to be incurred. Last week I moved in with my partner and have a family member renting from me.
- What is the process for getting a consent to let application form from GE Money and how quickly can I get the consent?
- I am interested in further information in relation to consent to let mortgages, potentially moving our existing mortgage with GE Money across to a consent to let one.
- Soon to remortgage my property but I will potentially moving out in the near future and would be looking to rent it out. What would I need to do to get consent to let from GE Money?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental 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
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 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 record their consent in writing.
If you do not keep up the payments on your mortgage with GE Money your property may be repossessed