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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 Lease Example Support Desk Enquires
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We've been renting my wife's old house out with "consent to let" from GE Money on a regular mortgage for the last 24 months. GE Money have advised of their intention of withdrawing their consent to let unless we transfer to one of their "buy to let" deals.
- My husband and I are in possession of a mortgage offer from GE Money, but we hit a brick wall. My husband works in a boarding school, whereby we are provided with accommodation as part of his employment. We wish to buy a garden flat to get on the ladder, and rent it out while we're living at the school accommodation. I had thought GE Money would grant consent to let from day one of the loan. It transpires that we may not be granted consent to let. Can you give me any ideas what we can do?
- I found tenants for my house last June and didn't tell GE Money. I have a five year domestic mortgage (significant equity in it, never defaulted) and want to let GE Money know and get consent to let for the remaining 24 months of my mortgage . I am unsure what to do.
- My OH have an offer accepted to buy a house, we have a deposit of between 10-15% for a homeowner mortgage with GE Money. The small issue is we are due to leave the country in three months for work. We are going through our financial adviser. He says if you tell this to GE Money up front we will need to get a buy to let. Do go ahead with residential mortgage with GE Money, in a couple of months ask them if we can have consent to let? Alternatively, do we try and contact GE Money now and say there is a chance we will move abroad in the future (I have not signed anything as yet to move abroad) and see if they confirm in advance that it should not be an issue
- I would like to send the consent to let form by courier and wanted to know if GE Money have a regular mailing address I can use as couriers usually will not accept deliveries to PO Box numbers.
- My fiance and I invested in buying a property in Bristol with GE Money and am moving to rent a property in Cornwall due to work. Is consent to let from GE Moneypossible? I am only looking to let out the flat for six to nine months before selling.
- I took a residential mortgage with GE Money, and I would like to rent the flat out, until I decide whether to sell or hold on to it as an investment. As things stand I am on the fixed rate. Will I need to move onto a new mortgage? I.E. BTL?
- I would like to let my flat for a couple of years max. I would like to know if I could have a consent to let from my current mortgage lender GE Money?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above GE Money consent to let Questions and Answers
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
One thing to remember when arranging a consent to let mortgage with GE Money 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 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 conditions are not complied with you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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