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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 let: Q and A’s
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Is it possible to remortgage on a consent to lease with Gen H?
- I have just received a mortgage offer with Gen H. I am hoping to get keys in the coming weeks, however I may potentially be moved abroad for work. How feasible is it for me to obtain consent to let from Gen H within a few months of completing. Are there any other options open to me?
- I currently have a mortgage with Gen H and the LTV is currently 60% with the Gen H current book value and I'm looking to buy another property but do not want to sell my current property at the current market value. I have consent to let from NRAM on a previous property so know a bit about them and I also have buy to let with Mortgage Express on another property. Does the expected rental income on a consent to let with Gen H need to exceed the mortgage repayments? I have a fixed rate which I tied into a fixed rate and left the term at 18 years so it was paid off as early as possible, obviously this leaves with quite a high monthly repayment.
- My OH and I may have to rent his studio flat out. I realise that I require consent to let from Gen H. We plan on joining a landlord association if we go ahead and let the property, but are there any thoughts on which are the best? We've seen the RLA and National Landlords Association.
- I am thinking of renting my apartment will Gen H charge me for a consent to let letter?
- My fixed rate loan with Gen H expires in September and have to move with work then. What are the chances that I will be able to both remortgage and obtain consent to let?
- Can I remortgage with Gen H with consent to let if my fixed rate is coming to an end. Circumstances would not have changed.
- I was just wondering how to obtain consent to let from Gen H...do I phone them or apply formally in writing to them?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting 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
If 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 inform them may trigger 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
If your property is 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 advise your co-owner of your intention to let could result in them taking legal action 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