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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.
Examples of recent questions relating to LiveMore consent to let
- If I was to rent out my maisonette with consent to let by LiveMore, what proof would be required of tenancy? If after 1 year I decided to let it on a series of short term lets, am I still required to supply proof to LiveMore, or will they leave me alone provided i keep up with the payments? For instance if I sublet the room individually at some point in the future, is there any reason for LiveMore to be informed and would they take issue?
- My wife and I reside in a marital property where there exists some vacant rooms. We are deliberating the opportunity of creating an holiday rental type business to rent rooms out on a check-in and check-out basis. Are you aware if this is likely to be allowed in accordance with LiveMore’s standard 'consent to let' process?
- Meeting with my IFA on Thursday. I will seek Consent to Let from my current lender LiveMore. My new property in Haringey will be 90% LTV. I have been told by a friend that some lenders still dont accept consent to let borrowers and I may encounter difficulties regarding my new mortgage. Am I likely to encounter this problem?
- For a couple of years now I have had a mortgage with my wife on our apartment which is up for renewal 1st October. I am having to move to Brighton with work in February. Is it possible to transfer for a consent to let mortgage with LiveMore?
- I am thinking of moving in with my boyfriend at his home and would like to rent out my property that I acquired last summer, I'm just not sure of the process as my property is my first home. What hoops do I need to jump through to get consent to let from LiveMore If I obtain consent will my mortgage payments increase?
- My OH and I would like to rent out my apartment to be closer to my daughter's college and look after of my mother. How long will the consent to let take to get from LiveMore? 2 weeks?
- I was just wondering if there are any costs in obtaining consent to let on a leasehold property when I have a mortgage with LiveMore
- Nine months into homeloan with LiveMore due to job offer.. need to move. Is it possible to get buy to let or consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to 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
One thing to remember when arranging a consent to let mortgage with LiveMore 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
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 conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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 LiveMore