Need Help?
Need professional advice for your consent to let with Gen H? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Common questions relating to Gen H consent to lease
- In September 2013 I was issued consent to let from my current lender which is about to come to an end. I have since been traveling and had my first child. I'm not earning enough just now to pay the mortgage on my own. My lender has advised me that I can't extend my consent to let and if I continue renting out I will be in contravention of the terms of my mortgage conditions. Due to affordability I it is likely that I will be refused to transfer to a BTL product. One option I am considering remortgaging to Gen H. Are they likely to give consent to let from the start?
- I have exchanged contracts with a developer for a property in which I was going to live in, but my manager has offered me a posting overseas for 18 months, can I let the new property with consent to let from Gen H.
- We currently have a five year fixed term home loan with Gen H that we're about 12 months into. Our circumstances have now changed and we would like to rent out our flat for a year and move to another town. What can we do to minimise the possibility of Gen H rejecting consent to let.
- How easy is it to change a residential mortgage with Gen H to a consent to let. It will be less than 70% ltv and it would alter from capital and interest repayment to interest only?
- I am looking to Gen H to grant consent to let out my basement flat in Hackney. I am moving to Mexico for 8 months on a secondment.
- I am looking at new mortgages and also exploring the possibility of renting the property in the future - Is there a fee with Gen H to procure consent to let and what are the requirements?
- I am thinking about letting out my house obtaining consent to let from Gen H, what charges are likely to be incurred?
- I took a residential mortgage with Gen H - 40% equity or thereabouts. I am considering relocating for another job and was wondering if Gen H are flexible in changing the mortgage to allow for consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Gen H 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
One thing to remember when arranging a consent to let mortgage with Gen H 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 standard 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
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 violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Gen H