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.
Questions and Answers: LiveMore consent to let
-
Can one refinance on a consent to let with LiveMore?
- Contracts were exchanged last month for an off plan property in which I was going to move into, but my employer has offered me a posting overseas for three years, can I let the new property with consent to let from LiveMore.
- I have a LiveMore mortgage on a flat I own, in Harrow. Last month, resulting from a change in my circumstances I decided to let out this apartment, and rent a house in a different area within same loc. The state of affairs that changed is that my partner moved in, and the flat is not large enough for our needs. I would rather not dispose of the flat because the current market value is significantly lower than when I acquired the flat seven years ago. I applied to LiveMore for a consent to let which was refused because they considered that I wanted to invest in the flat. The whole process was very stressful and frustrating. The matter is urgentbecause there is already a prospective tenant waiting for this consent to let and may look elsewhere.I look forward to hearing from you
- My partner and I own a property in Manchester and will be relocating to Bristol at the end of January. I have a letting agency and tenant now. I was planning to keep quiet as I'm concerned LiveMore will say I have to change my mortgage rate for buy to let and am unable to afford that. I appreciate that it would be preferable to obtain a consent to let via LiveMore but am afraid if I come clean it would lead to no end of issues
- I’ve already been told to write a letter to LiveMore to obtain consent to let, I'm just trying to find some guidelines on the letter? What I should or shouldn't include?
- Can you help with a question...if consent to let is given by LiveMore would it usually be restricted to a time limit, such as 6 or 12 months?
- My wife and I want to let our house out and use the rental income to cover the rent on a house in Islington. What are the chances of being given consent to let by LiveMore without being forced into a new rate.
- I hope you can help What do my wife and I need to do to get consent to let from LiveMore? And how much equity is needed?
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 Questions and Answers
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
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
If your property is leasehold, the provisions in the lease may prevent 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
Failure 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