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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
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I have a normal mortgage over my home in loc and am due to relocate to country for two years. During this time frame it makes financial sense to lease out my apartment. My mortgage provider has declined to grant me consent to let. I am not inclined to transfer to a buy to let loan as it’s only for a short period that I am abroad for.
- I want to explore if I can obtain consent to let on my current apartment. I have a mortgage with LiveMore but my circumstances have changed. I'm about to move in with my partner and son who have a house and more room than my studio home. I don't think I can qualify for a buy to let loan as I don't have money for a deposit nor do I earn more than £25000 per annum.
- I am a landlord having served eviction orders on a tenant who had not paid his rent in 3 months. A Section 21 and section 8 have been issued. The tenant's defense for refusal to pay is premised on the assertion that I lack consent to let my one bedroom apartment from my mortgage company LiveMore
- My gf and I might have to let out her flat, and I have a query concerning obtaining permission to do so. I know I need to notify LiveMore and get a consent to let or move to a buy to let mortgage. Given that the property is leasehold do we have to get consent to let from the management company?
- Will LiveMore want to know why I am applying for consent to let? Should I disclose my potential relocation abroad?
- I am looking to LiveMore to grant consent to let out my home in Brent. I am moving to care for my elderly father who has severe complex heart failure
- What is the process for getting a consent to let application form from LiveMore and how quickly can I get the consent?
- I am looking to get consent to let with my LiveMore residential mortgage. It is a mid terraced house. Do LiveMore grant consent on this basis? Or would it be regarded as an HMO?
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 Advice
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
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 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