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.
Sample questions relating to LiveMore consent to let
- I obtained consent to let from LiveMore in 2011 but never used it and subsequently refinanced with a new lender. I recently applied for consent to let. I was told it would be authorised since I met the criteria. Yet recently got a letter advising me that I must provide evidence from the DWP evidencing that that are aware of my current situation before they can provide consent. They said this is policy but I have not been able to find these conditions on their site. I did complain about the inference that I might intend to continue to claim help with interest from the DWP whilst receiving rental on the property. They apologised and offered to deposit £25 in my account . However i still am unable to locate this term and condition and i feel this is otherwise inappropriate I want to let my property as a way of releasing me from redress to social benefits not in order to discontinue claiming
- How much does it cost to obtain consent to let via LiveMore and is there a minimum period of time I should have lived in the property?
- My husband and I currently live in NYC and renting out our apartment in the UK. This was unplanned but an opportunity presented itself and we took it. The rental income is not enough to cover the mortgage so we transfer money each month to make up the difference. Yesterday I got a letter in the mail from our lender telling me that as the property is being let out and has been for nearly three years we will have to pay 1.5% interest on top of our current mortgage rate. One option would be to sell up but this will be difficult as I am so far away. Would it be possible to remortgage with LiveMore and get consent to let?
- We are planning to let my apartment for a year from 5th October 2016. Is there conventional wording for a letter I can use to send to LiveMore to seek consent to let.
- How easy is it to obtain a consent to let from LiveMore and what will it cost me? If I want to let out my property for a few months how easy is it to chop and change between a owner occupier mortgage and consent to let?
- I am interested in finding out more about the LiveMore consent to let process and prerequisites for granting.
- Is consent to let a cost efficient way of renting out your property? Isn't this a loophole for some borrowers to exploit?
- I got a standard mortgage with LiveMore. I purchased the property in November last year. How difficult will it be to get consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental 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
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 regular 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
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 conditions are not complied with you may be in breach of 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with LiveMore