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.
Gen H Consent to Lease Example Support Desk Enquires
- I would like to let my ground floor flat out from mid June next year as I will be going for a few months. I have a residential mortgage with Gen H. I will not be letting for more than 6 months. Most likely it will be five months. It has been suggested that I seek consent from my freeholder first? Please can you advise what I should be doing in what order?
- I have a apartment in Lambeth with a Gen H mortgage but I no longer live there. My dad moved in but is there rent free. At the moment I live in rented accommodation and am looking to buy a house. I have found an ideal property at an attractive price. I have enough of a deposit to put down on the house I am interested in but would find it difficult to pay enough off the old property to change it to a BTL mortgage simultaneously. Can I change the current Gen H mortgage for my old flat into a consent to let and use my savings to pay a larger deposit for the homeowner mortgage on the property that I am looking to purchase?
- I have had a home loan with Gen H for 14 years. My divorce was finalised three years ago put the property in my name by transfer of equity. My situation has changed, I want to keep my house but move in with my new partner, renting my house out. I have been informed by my broker that I can request consent to let from Gen H instead of a BTL mortgage as I haven't purchased the house in the first place in order to let, is this right?
- I have found myself in the accidental landlord scenario and failed to inform Gen H. I had to vacate my flat for family reasons, so am now based in another part of the country. At first I tried to sell the flat, but prices were deflated, which meant I was in negative equity. This was three years ago in 2011, which has since seen the property price increase and has allowed me time to save. I am in now in a position where I can now convert to a BTL mortgage and would like to remortgage at the same time. My concern is, will changing mortgage providers possibly alert Gen H that I have been letting without consent to let? I am aware that I shouldn’t have done what I did, but circumstances left me with limited options. Any help will be greatly appreciated?
- So this is the scenario: I am moving to become a non-UK resident. Potentially for a number of years. However I will be on a four month test period .I would like to know the criteria for consent to let from Gen H and what charges are to be incurred
- There is a chance of me going to NYC for twelve months with work. Planning on taking my partner with me and hoping to rent our Merton property in the meantime on a short term basis to make things more cost effective. I was just wondering whether Gen H currently allows consent to let
- I am currently remortgaging and looking into the flexibility of certain mortgage providers when it comes to consent to let. Gen H is one of the lenders I am considering. How accommodating are they when it comes to consent to let?
- I hope you can help What do I need to do to obtain consent to let from Gen H? And what are the costs involved?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Gen H consent to let information
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
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 terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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 Gen H