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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 let: Q and A’s
- I spoke to a mortgage broker friend last week. She said that if I decide to move abroad with my job for a period then I should not apply for consent to let from my mortgage provider (GE Money) until at least four weeks before I plan to let the flat. Does that mean I have to find a tenant first and then obtain a consent to let?
- I have a house in Sutton but I am moving with my girlfriend to a different location for work purposes and moreover near her university. Im keen keep my house but it is unlikely that I can afford a BTL rate. It will only be short term -three years until my girlfriend has finished University and I can sell, or move elsewhere. My mortgage is with GE Money. Is there a chance I won't be approved for consent to let?
- I want a bit of initial feedback as to whether consent to let is a viable proposition. I completed the purchase of my apartment nine months ago by transferring an existing GE Money mortgage product. My fixed rate finished three months ago. I'm currently deliberating moving in with a new partner who has his own property and mortgage also with GE Money, which I would not seek to be added to. I don't wish to sell my property yet because I'm unsure of whether the new move will work out. I don't want to change to a B2L mortgage yet for 2 reasons: 1) I need to discover if it is a marketable property with rents higher than my mortgage payments and 2) I need to find extra capital to meet the 65% LTV ratio required for a buy to let mortgage. Ideally I would like to receive consent to let from GE Money for 1-2 years in order to be more secure in becoming a possible landlord and to generate the capital. If at the end of the consent to let period I was unsure I would probably either sell my property or, depending on the new relationship working out, reoccupy it.
- Enquiring whether GE Money perform any checks when seeking a homeowner mortgage, I'm preferably looking to rent the property out and am in two minds as to whether I should apply for consent to let. How likely are they to find out if I lease the place out?
- My OH and I own a place in Hendon with GE Money and am moving to rent a property in Cardiff due to work. Is consent to let from GE Moneypossible? I only want to rent out the flat for half a year before selling.
- How much is it to get a consent to let from GE Money on my residential property. I've moved in with my wife and have a friend renting from me.
- I would like to rent a room in my flat in Havering. Do I need consent to let from my lender GE Money?
- I have just recently purchased my home and took out a mortgage with GE Money but my boyfriend has asked me to move in with him. Would I be granted consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above GE Money 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
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 could result in 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 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 breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
If you do not keep up the payments on your mortgage with GE Money your property may be repossessed