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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.
Questions and Answers: LiveMore consent to let
- I have a colleague who is thinking about leasing their house out and moving in with partner. She has a house in Barnet and has a £95k mortgage with LiveMore. What would she need to do to get consent to let if she decides to proceed.
- What information do LiveMore need to to decide whether to grant consent to let. I have a 2 year fix with them. I have always been on time with my monthly payments. I am planning a move to Harrow due to surprising growth of family. My financial situation has not changed and in fact my annual income has increased by 20% since I took the mortgage out.
- I have a mortgage with LiveMore. I would like to buy a second property and my mortgage broker suggested I apply for a consent to let. I had formerly led to believe they only grant consent to let where it is my intention to move back into my current property. Have I been given the right information?
- We have a flat in Lewisham which we purchased off-plan approximately twelve years ago. As childen are growing up we are looking for more space. We've found a house in Waltham Forest that we would like to buy and want to keep the flat as an investment to rent out. The mortgage is with LiveMore and we've found a tenant who will pay rent which more than covers the monthly mortgage payment. Our query is, can we retain the repayment mortgage with LiveMore so we effectively paying off our mortgage on the flat or do we have to swap to a buy-to-let mortgage?
- I took a residential mortgage with LiveMore - about 32% equity. I am considering relocating for another job and was enquiring if LiveMore are flexible in changing the mortgage to allow for consent to let?
- I wish to purchase a new home but can't afford to sell the existing property with a LiveMore mortgage. Do you know the criteria for LiveMore to give consent to let? Is getting married and having kids an acceptable reason to seek consent?
- Do you know whether LiveMore will accept rental income on consent to let for affordability purposes or does it need to be on a buy to let ? Would LiveMore let me raise capital based on the rental revenue ?
- Do you have the address to which a Consent to Let request to be sent for LiveMore? Sorry about bothering you with this query.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to 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
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 could 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 lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with LiveMore your property may be repossessed