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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.
Top Five Questions relating to Gen H consent to lease
- I have exchanged contracts for a new build property in which I was going to move into, but my employer has offered me a posting abroad for 18 months, can I let the new property with consent to let from Gen H.
- I am with Gen H and just had to apply for consent to let, but wondered if they impose any conditions on the level of rental income?
- We are first-time buyers, presently renting. We want to buy a ground floor flat in Wandsworth. We want to move there, but will need to wait for a job - perhaps 2-3 years. Would we need to seek a buy-to-let loan? Could we take a 1st time buyer mortgage with Gen H, because we intend to move there soon? Alternatively could we live there for half a year, then start renting it with consent to let from Gen H? I'm only willing to consider suggestions that are fully legitimate, and have no intention of contravening the provisions of the mortgage with Gen H.
- We are currently in Melbourne and renting out our apartment in Brent. This is not something we planned but an opportunity came up and we took it. The rental income is not enough to cover the mortgage so we transfer money each month to make up the shortfall. Yesterday our lender got in touch telling me that as the property is being let out and has been for almost three years we will have to pay 1.5% interest on top of our current mortgage rate. One option would be to sell the property but this will not be easy as I am so far away. Would it be possible to remortgage with Gen H and get consent to let?
- I'd like to know if on the balance of probabilities Gen H will grant consent to let out our house in Tower Hamlets
- My work commitments are changing and this could result in mebe in different locations every month and as such I wanted to get to grips with the procedure for getting consent to let with Gen H
- I am trying to find out if Gen H will grant consent to let in a situation where we need to move closer to relatives in a different house albeit that we may move back the future if circumstances change.
- I would like to get consent to let from Gen H for a couple of years at which point I hope to move onto a BTL. Is this achievable
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Gen H consent to let Info
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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Gen H