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.
Recently asked questions relating to Gen H consent to lease
-
Are any options available to me if my application for consent to lease is turned down by Gen H?
- My girlfriend and I (co-owners) are considering refinancing with Gen H. I was conducting some research concerning consent to let from Gen H to understand the rules around potentially leasing our current apartment out (probably in a in a couple of years time) if we moved away. The flat in question was a first-time purchase for us about 2 years ago. We are living there now.
- My property has had a mortgage against it with Gen H from 2005. Fast forward and I have got married and live in my husband’s home. My property is currently empty and have a choice to sell or have someone occupy. Clearly this will not be a short term agreement as I can't see us move back in. What should I tell Gen H in order to get consent to let?
- We are in need of a bigger house so our children don't have to bunk together. We are thinking about buying another house next year. The house was valued at £240,000 and we have about £65k left to pay on the Gen H mortgage. We would ideally like to keep this house as an investment property and lease it out with consent to let. Can you have a mortgage on two properties at the same time or do we first need to redeem our current mortgage?
- Will Gen H want to know why I am applying for consent to let? Is it wise to inform them of my possible move overseas?
- I was just looking into consent to let as it's something potentially I require from Gen H within the next 12 months. Our circumstances have changed, and I would like to rent my place out
- My Gen H mortgage rate finishes next June can I go on a interest only with consent to let?
- I have a residential mortgage with Gen H, and I would like to let the flat out, until I decide whether to sell or retain 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?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Gen H 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
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 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 restrictions are not strictly observed you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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