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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.
Gen H consent to let: Q and A’s
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Can Gen H choose to operate a right to increase interest rates on a homeowner mortgage where Consent to Let at any time, onto ‘rates equivalent to their Buy to Let range'?
- We are a young couple and we found a apartment in Brent that we like and want to get a mortgage with Gen H. The issue is that I am pregnant and might give birth very soon as I am on my 9th month of pregnancy. This means that it would not be possible for us to move straight away so we are thinking to keep living with our parents for about six months. In the meantime, if we get this property, we can lease it out. We just wondering how will that work out? Are we likely to obtain consent to let from Gen H
- Me and my wife bought a property in Leeds and will be moving to Amersham at the beginning of March. I have a letting agency and tenant now. I was planning to keep quiet as I'm afraid Gen H will say I have to change my mortgage rate for buy to let and am unable to afford that. I would like to obtain a consent to let via Gen H but am afraid if I open Pandora's box it would result in a whole host of problems
- I have been a mortgage holder with Gen H for 1999. My divorce went through 18 ago and bought the ex wife out. My circumstances have changed, I want to retain my house but live with my new partner, leasing my house out. I have been informed by my financial advisor that I can request consent to let from Gen H instead of a BTL mortgage as I I did not buy the property with the intention of letting it out, is this correct?
- My GF is in the process of placing an offer on a new property in Croydon and is getting a good deal as it needs some work done. We want to rent our current property for two years and come back to live. Will I be granted a consent to let by Gen H?
- I am currently refinancing and looking at flexibility of certain lenders when it comes to consent to let. Gen H is one of the lenders I am considering. How accommodating are they are far as consent to let is concerned?
- I wish to get consent to let from Gen H for a couple of years until I hope to switch to a buy to let. Is this achievable
- I'm interested to find out more regarding consent to let from Gen H. Would a valid reason be parking problems and the house is too to small for me?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Gen H consent to let Info
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
Where 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 could trigger 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 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
Neglecting to advise 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 Gen H