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.
Sample questions relating to Gen H consent to let
- Contracts were exchanged last month with a developer for a property in which I was going to live in, but my manager has presented me with the opportunity to work overseas for 2 years, can I let the new property with consent to let from Gen H.
- I have a residential Gen H mortgage and am keen to acquire consent to let as I wish to move to another home that I own. It looks like may be able to assist. Do you charge for this service?
- I spoke to a mortgage broker friend last month. She said that were I to decide to move abroad with my job for a period then I should not apply for consent to let from my lender (Gen H) until at least four weeks before I plan to rent out my flat. Am I to understand that I have to find a tenant first and then obtain a consent to let?
- My mortgage is with Gen H and wonder if I am duty bound to disclose if we no longer reside in my house. I fear that they could up the interest rate if we move and find a tenant but it's not very apparent what the increase would be. If I decide to rent my property out and seek consent to let in what way would the payments change?
- I am contemplating a remortgage and also thinking of renting the property in the future - Is there a charge with Gen H to procure consent to let and what are the criteria?
- My brother and I took a mortgage with Gen H but am informed they have a stipulation that they will not give consent to let the property to a housing association. Is this true and if so, is there a method to bypass this?
- I am already leasing out my flat but may have been found out. I have four months remaining on my fixed rate. How easy is it 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?
- I have a mortgage with Gen H taken five months ago where I moved from another mortgage provider. Am I now able to rent my property with consent to let from Gen H as I am planning to buy a further property.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be 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
Should the tenure of your property be 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
Omitting to advise 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