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
-
My lender has placed me in a catch 22 with a Consent to Let home loan. Reacting to my requisition for consent to let the lender has asked me to provide them with an executed Assured Shorthold Tenancy prior to issuing consent. Is is not the case that if I adhered to their request that I would be violating the terms of my existing mortgage?
- I have just been on a call with LiveMore and they tell me that it has come to their attention that I have been renting the ground floor flat even though it is on a domestic mortgage. I moved out two years ago for childcare reasons, couldn't sell and was left with little choice to let out the property. Are you able to advise me on the implications will be for me not obtaining consent to let?
- Due to redundancy my partner and I are looking to move away from Hillingdon and our apartment, potentially to a job in Sweden but that means we will want to let the property but don't want the cancellation fees of existing LiveMore mortgage which will be high.What are acceptable reasons for obtaining consent to let on our property?
- How many months after getting a new mortgage will a consent to let be likely to be granted by LiveMore? To give some background I bought my property in Bromley 2 years ago and am currently on a fixed term for 3 years. Not long after I met my partner and now we are looking at moving in to his place. I am planning to get a better fixed term next October. I presume that I would have to wait at least half a year before I could request a consent to let. Is that right?
- How much of my loan allowance will be made available to draw down on if I switch my mortgage to a consent to let with LiveMore?
- I am interested in consent to let for my property mortgaged with LiveMore. How do I move forward? Do I have to contact LiveMore and get them to agree?
- I have a mortgage with LiveMore. I am thinking of moving out and renting out my flat. Am I required to obtain consent to let ?
- What are the implication if I have already leased out the property for a number of years as an HMO and now want to legalise the situation with LiveMore by getting consent to let ? (work on the basis that LiveMore had already granted a homeowner mortgage in the past)
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further 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
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 inform them may trigger 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 the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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