Need Help?
Need professional advice for your consent to let with Generation Home? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Generation Home Consent to Lease Example Support Desk Enquires
-
I have a residential mortgage nearing refinancing with Generation Home. The house has been tenanted for a few years and I now realise that I need to informGeneration Home. I am led to believe that I should seek consent to let, but bearing in mind that the property has previously been rented out could they decline - insist I go onto a BTL rate and even apply a penalty? There is excellent equity - 30% LTV and have never missed any payments.
- Can you please inform me what fees Generation Home levy for consent to let out part of my garden flat? Any advice would be gratefully received.
- I moved out of my apartment about seven months ago but didn't get around to get a consent to let letter, primarily because the mortgage fix rate period is ending next month and I am considering a remortgage anyway. I want to ask for consent now, is that going to be tricky?
- We are in need of a bigger house so our kids don't have to bunk together. We are planning to purchase another house in a few years time. Our house was valued at £240,000 and we have about £85k left to pay on the Generation Home mortgage. We would prefer to keep this house as an investment property and let it out with consent to let. Can you have a mortgage on two properties at the same time or do we need to fully pay off our current mortgage first?
- My husband and I are looking to ask Generation Home for consent to let out our house in Lambeth. We are moving overseas for three years and wish to let it out. I omitted to look into this when we took the Generation Home mortgage, and that was due to the fact that we never foresaw an opportunity like this would come up so was planning on occupying the property.
- Is it possible to negotiate a consent to let from Generation Home if I have a current mortgage which has been in place for seven years?
- One year into a mortgage with Generation Home due to work reasons need to move. Is it possible to get buy to let or consent to let.
- I'm considering a remortgage offer with Generation Home and it's likely I will require consent to let during the fixed period. Are there any fees I should consider?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Generation Home 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
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 obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of your covenants under 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 commencing legal proceedings 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 Generation Home