Need Help?
Need professional advice for your consent to let with LiveMore Capital? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Frequently asked questions relating to LiveMore consent to lease
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Will LiveMore invoke a right to change the rates on a regular mortgage where Consent to Let at any time, onto ‘rates in line with their Buy to Let range'?
- I wish to move house. The query I have is whether consent to let will be given on my property for me to subsequently obtain a loan offer for the new house so I can put in an offer without being part of a chain and then let my property out when I move. Does LiveMore grant consent to let for a year? If so, and the rental goes to plan is it possible for the consent to let time limit be extended?
- I moved out of my flat about six months ago but didn't get around to get a consent to let letter, mainly because the mortgage fix rate period is ending in six weeks and I am considering a remortgage in any event. I want to ask for the letter now, is that going to open up a hornet’s nest?
- I have a mortgage with LiveMore however my husband and I will be emigrating to the US in January. The mortgage is in my name yet it is my husband's job that is taking us abroad how do I answer the question: 'please indicate why you wish to let the property':
- It is looking as though I may need to move to Boston for a couple of years, I have a house with a LiveMore mortgage. Do I need to ask consent to let? Will they be accommodating?
- I wish to be informed of the definitive criteria and procedures in place to switch my LiveMore mortgage to a consent to let?
- Is consent to let a cost efficient way of becoming a landlord? Isn't this a loophole for some borrowers to exploit?
- I have four months to left on a two year residential mortgage with LiveMore but now lease the flat out. is it safe to assume they will simply charge a set fee for consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above LiveMore 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 inform 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
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 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 taking legal action against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with LiveMore your property may be repossessed