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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.
GE Money consent to let: Q and A’s
- I have a mortgage with GE Money on a property and I intend to let it out and rent another property due to changes in personal circumstances - I want to move to a different location, and to live in a larger house with my partner. I applied for consent to let and yesterday got a response refusing because they felt I want to invest. I as at a loss as to what my options are. The process has put me at risk since I already have rented a new home and would have to pay both GE Money and rent, which could expose me financially. The matter is urgent because a potential tenant is waiting
- Due to redundancy we are looking to move away from Ealing and our apartment, potentially to a job in Sweden but that means we will want to let the property but don't want the penalty charge of existing GE Money mortgage which will be exorbitant.What are acceptable reasons for obtaining consent to let on our property?
- My husband and I wish to know what the criteria is for GE Money for consent to let. I have heard contradictory suggestions in relation to charges and rates. I need to relocate for work but I don't want to sell the house due to a difficult market.
- I am planning to lease out my house for a year from 30th September next year. Is there conventional wording for a letter I can use to write to GE Money to request consent to let.
- When it comes to consent to let from GE Money am I supposed to update them each time we get a new tenant and send them a duplicate of the lease?
- I am thinking about moving in with my partner but do not want to to sell my property. What is the process for applying for consent to let from GE Money, and what are the chances that this will be given?
- I am looking for some generic information on consent to let. I currently have a mortgage in place with GE Money. I have been given approval to sublet my GFF from the freeholder of the block and they asked if I have consent to from GE Money.
- I am currently in the process of applying for a mortgage through GE Money - There is a chance that in the within months I may decide to rent the property out - how would I switch the normal mortgage to a buy to let mortgage?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to 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
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
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 restrictions are not strictly observed you may be in breach of your covenants under 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