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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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Can GE Money exercise a right to increase interest rates on a standard mortgage that has just been approved for Consent to Let at any time, onto ‘rates equivalent to their BTL range'?
- Can you confirm whether it is possible to receive consent to let with normal loan with GE Money? We are intending to relocate to Islington to live closer to our kid’s college, but we are uncertain if the relocation will be permanent.
- I would like to move and let out my one bedroom ground floor purpose built maisonette in Merton. Having bought it in winter 2009 and presently on a high ltv there is little equity in it. My mortgage is with GE Money. Do you know where GE Money stand on consent to let?
- Last month I got married and my wife and I would like to purchase a family home in the coming year, whilst keeping our studio flat in Barnet we currently live in to rent out. Mortgage on the flat is with GE Money. I don't want to put myself in a situation with two residential properties only to be refused consent to let.
- I was just wondering if GE Money would issue me with consent to let and what kind of fees, penalties and rate increase etc
- As a result of career opportunities I will be moving to Wales and would like to rent the flat temporarily, are you able to confirm what steps I need to take in order to obtain consent to let from GE Money?
- My wife and I are about to switch mortgage provider to GE Money for a fixed rate but the likelihood is that I will need to rent the property out for just under 12 months. Do GE Money consent to let on fixed rate mortgages and if so, what are the procedures.
- Assuming that I was successful in obtaining consent to let from GE Money, can I sell during the consent period? Is it possible that I would incur any penalties?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above GE Money consent to let Advice
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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them could result in your insurance becoming null and void. 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with 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 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