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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.
Top Five Questions relating to GE Money consent to lease
- I I have a homeowner mortgage with GE Money but I would like to occasionally take in lodgers....am I obliged to obtain consent to let from GE Money?
- Following retirement in 2014 I acquired a “retirement home” for my wife and myself to move to. Our intention is to let our current property to our son and I have therefore asked GE Money for consent to let. I was just seeking a general view on whether GE Money currently allows it?
- As we are relocating and failing to sell our house, we are mulling over renting it out. Is it imperative to advise GE Money? If we do, I think they will want to change our mortgage to buy to let and load the rate which we can't afford. I thought if you continued paying on time it shouldn't be a problem, but am now concerned about insurance consequences if we haven't come clean. Any thoughts?
- I took a mortgage out on a studio flat in November however I will be working outside of commuting distance of Bromley in the medium term but hope to find work closer in the long term. Given I have not had property long I will lose money if I sell and do plan to return to Bromley so would like to keep it. How difficult is it to get consent to let from GE Money and what is the procedure ?
- My lender wont grant consent to let until I have a move in date confirmed with a tenant. How can I confirm this whilst lacking consent to let? I can't be certain but I think my friend had a similar issue with GE Money.
- I want to take in in a lodger for my one bedroom first floor purpose built flat in Westminster which I live in. My mortgage is with GE Money. Will they grant consent to let?
- I took a residential mortgage with GE Money, and I would like to let 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 remortgage? I.E. buy to let?
- I am looking at an offer to work in France and have been advised that I need to let GE Money know so my mortgage is under consent to let? Please could you clarify the best way deal with this?
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 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 notify them may 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
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 the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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 GE Money