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.
Examples of recent questions relating to Gen H consent to let
- I have a mortgage with Gen H. I wanted to purchase a second property and my mortgage broker recommended I seek consent to let. I was under the impression that they will only accept the consent to let if I have the intention to go back to my current home. Is this correct?
- I currently have a standard mortgage with Gen H. My company has offered me a property as part of my job and wish to let out my current home. My mortgage broker seems confident that it is straightforward process. Are you able to provide me with some information please?
- Ever since 2013 I have had a Gen H mortgage with my twin and am looking to vacate and get a new mortgage with my partner. How would I go about taking in a lodger? Would I need consent to let from Gen H? My twin will stay in the apartment
- For a couple of years now I have had a mortgage with a friend on our house which is up for renewal 21st July. I am having to relocate to Reading for my company in February. What are the chances of being able to switch to a consent to let mortgage with Gen H?
- My partner and I are looking to ask Gen H for consent to let out our house in Bexley. We are relocating overseas for 2 years and would like to to let it out. I didn't look into this when we took the Gen H mortgage, and that was due to the fact that we never anticipated an opportunity like this would come up so was planning on living in the house.
- Due to work opportunities I will be moving to Wales and would like to rent the flat temporarily, are you able to confirm what steps I need to take in order to achieve consent to let from Gen H?
- I have a mortgage with Gen H on a two year fixed term contract. I could have an opportunity for a teaching job overseas in twelve months time. Would I qualify for consent to let by Gen H if I took this job overseas?
- I have a mortgage with Gen H taken four months back where I moved from another mortgage provider. Can I now rent my property with consent to let from Gen H as I am planning to buy another property.
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 information
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 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
If your property is leasehold, the lease may prohibit 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 your covenants under 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Gen H your property may be repossessed