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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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I purchased a garden apartment in 2013 for 155,000 with Gen H. My husband’s job requires him to relocate to Gibraltar and realise that I need to obtain consent to let from Gen H. Will they grant permission?
- I have to move my daughter’s school by mid-September and move to a new area. there is insufficient time to sell my house.The short term option is to let my property out. Currently I have standard occupiers insurance. Am I obliged to take out a different insurance? Do I need consent to let from my mortgage provider Gen H
- We are in possession of a mortgage offer from Gen H, but we are running up against a serious block. My husband is a teacher in a boarding school, whereby we are provided with accommodation as part of his employment. We wanted to purchase a studio flat with a view to joining the property ladder, and rent it out while we're living at the school accommodation. I had thought Gen H would be willing to give consent to let from day one of the loan. It is now looking as though we may not be able to get consent to let. Do you have any advice?
- I have an annex that my father is planning to move out from. As the main house is large I was considering moving into the annex and let the rest out. This is also due to change in my personal situation. Would I require consent to let from Gen H?
- I have just got married and I am in the process of buying out 100% of my co-ownership mortgage with my wife. As a result we have now been given a 90% loan to value on our house. We want to buy a larger home. Will it be possible to get a consent to let on my new mortgage with Gen H to allow us to get a mortgage also with Gen H for a new home?
- My wife and I are interested in understanding the Gen H consent to let procedure and prerequisites for granting.
- I own a house in Hillingdon. I would like remortgage with Gen H and either change to buy to let or consent to let. I'm still within the Early Redemption Charge period so not sure if it would trigger the penalty payment?
- I have a mortgage with Gen H taken 3 months back where I moved from another lender. Am I now able to rent my property with consent to let from Gen H as I am looking to purchase another property.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting 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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them taking legal action 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