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.
Examples of recent questions relating to LiveMore consent to let
- We have a residential mortgage with LiveMore. This has been in place since 2009. We are deliberating leasing out our house and renting in a village near our children's school until a suitable property becomes available to buy. Do LiveMore ordinarily grant consent to let and if so, are there any financial implications?
- A friend of mine has been renting her house from the same landlord for nearly 18 months. Over the course of the last twelve months my friend has received letters from LiveMore (it is apparent from the envelope). At first she forwarded them to the landlady's address. I was a bit suspicious as none of the landlady's mail was meant to be going there. I therefore went to my friends house and called LiveMore on her behalf. The gentleman I called at LiveMore had a long list of questions, the landlady's name her current address, information relating to the tenant and then said they would look into whether she had the right mortgage and if she didn't it was an offence with no consent to let. Should my friend be concerned?
- I have a LiveMore mortgage on a flat I own, in Enfield. This year, resulting from a change in my circumstances I decided to let out the apartment, and rent a house in a different area within same loc. The state of affairs that changed is that I started cohabiting with my partner, and the flat is not large enough for our needs. I do not wish to dispose of the flat because the current market value is 20% less than the market value when I acquired the flat ten years ago. I wrote to LiveMore for a consent to let which was turned down as they considered that I wanted to invest in the flat. The whole process was very confusing. The matter is urgentbecause there is already a prospective tenant waiting for this consent to let and may pull out.I look forward to hearing from you
- I have just received a mortgage offer with LiveMore. I anticipate that I will get keys in the next few weeks, however it looks as though I may be posted abroad for work. Would it be possible for me to receive consent to let from LiveMore within a few months of drawing down on the mortgage. Are there any other options open to me?
- How simple is it to get a consent to let from LiveMore and what does it cost? If I want to let out my property for a few months how simple is it to fluctuate between a owner occupier mortgage and consent to let?
- I have a homeowner mortgage with LiveMore and require consent to let. What are the factors and procedures that I need to be aware of in order to obtain consent?
- Am I required to wait for consent to let to be granted on my current domestic mortgage with LiveMore before applying for a resi mortgage on a new property?
- Where I have an existing standard mortgage with LiveMore and am planning to rent it out in the future will I be issued with consent to let? What is the process and charges involved?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above LiveMore 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
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 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 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with LiveMore