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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.
Common questions relating to LiveMore consent to lease
- I have a consent to let from my current mortgage provider which is about to expire. I have since been traveling and had my first child. My part time salary is not sufficient just now to cover the mortgage by myself. I have been told I can't extend my consent to let and if I continue renting out I will be in action would be taken for breaching my mortgage contract. As a result of my low income I don't think the buy to let will be approved. One option I am considering remortgaging to LiveMore. Are they likely to grant consent to let from commencement of the mortgage?
- I bought a house three years ago in Leeds when I worked locally. I got a promotion which involved working in London. I drive down on Saturday evening and live with a family member mid week. I am now thinking ofmoving home to avoid the commute. I am deliberating the possibility of renting out my existing home. The mortgage is with LiveMore, would I have to move onto a new mortgage rate or ought I try to get consent to let?
- Our current property in Southwark has nearly £95K equity with a mortgage with LiveMore. It's a 3 bed house in a popular area and I think it would rent well. We are possibly moving for my husband's work and were considering holding onto the house on as an investment property - should we be swapping the loan to a B2L product or can we get consent to let from LiveMore?
- Our fixed rate mortgage with LiveMore comes to an end on 17th October. I am about to relocate to Brighton for my Job in next month. I wish to lease out the house initially. Can I get a consent to let the property?
- Hello, what documents or paperwork would LiveMore require for a consent to let letter?
- Can I remortgage with LiveMore with consent to let if my fixed rate is coming to an end. Circumstances would not have changed.
- I am planning on moving inside the next 7 months and would like to rent my house out. My current rate is fixed with LiveMore. I am concerned that a 1% increase would be too much if that was linked to obtaining consent to let
- Eleven months into mortgage with LiveMore due to work reasons need to relocate. Do you think I can get buy to let or consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above LiveMore consent to let Questions and Answers
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under 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 LiveMore