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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.
Questions and Answers: Gen H consent to let
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Have any of your clients had experience seeking Consent to Leasefora year from Gen H or whether you know how such approval is given.
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Is consent to let needed from Gen H or can I rent out my property without telling Gen H and being forced to convert to a B2L mortgage?
- My flat has a mortgage against it with Gen H and I have been letting out the property omitting to get consent to let, making me in breach of my mortgage contract. They may have suspicions that I am not living there. What are the legal connotations of my actions?
- After ten years in London, I'm considering relocating to be closer to family. We've only been homeowners for the last two years and about to remortgage with Gen H. In the relocation destination, we are be looking at a 3-bed house around the £275k mark. I would preferably like to retain my existing property. Could I ask for Consent to Let from the proposed new lender Gen H. If granted what are the likely conditions?
- I would like to let my house which is on a standard variable rate mortgage with Gen H. What do Gen H require for me to do to get consent to let?
- I have a mortgage with Gen H on a three year fixed term contract. I may have an opportunity for a teaching post abroad next July. Would I qualify for consent to let by Gen H if I took this opportunity abroad?
- I am already leasing out my property but may have been sussed out. I have five months remaining on my fixed rate. Is it simple to get consent to let from Gen H. Is it just a five minute phone call, pay the charge and it's done there and then?
- Will Gen H issue consent to let my property? I have an existing homeowner mortgage, never had arrears and have been with Gen H for approximately three years now. What fees am I likely to face
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 Questions and Answers
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
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 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 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 terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Gen H