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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.
Recently asked questions relating to LiveMore consent to lease
- I have a LiveMore mortgage with my twin and want to move out and get a new mortgage with my partner. How do I go about leasing out my room? Would I need consent to let via LiveMore? My twin will remain in the property
- I am unable to locate the form to download "consent to let" on the LiveMore website. Could you please send me a link to do it? Thanks a lot.
- It seems as though I will have the chance to go and work overseas in a couple of years. I am therefore possibly scaling down to a newbuild property in Lambeth which I could rent out with less difficulty as and when required. The intention is to keep 50% equity in the new apartment which would be my home for a while. My current mortgage provider limits consent to let for 12 months. I suspect renting it out longer term and not having consent could land me in a whole heap of legal issues. BTL seems wrong when I will be living there, maybe for 2-3 years initially. What type of mortgage should I be seeking, and from which lender? Would, for example, LiveMore provide consent to let for a longer period?
- We are in need of a larger house so our kids don't have to bunk together. We are thinking about buying another house in the near future. Our house is estimated to be worth £155,00 and we have about £65k remaining on the LiveMore mortgage. We would ideally like to keep this house if possible and let it out with consent to let. Is it possible to get a mortgage on two properties at the same time or do we first need to repay our current mortgage?
- I was just enquiring if LiveMore were picky when considering consent to let. I sent my request on date and I am waiting to hear back. Should I start chasing or wait for a bit longer?
- Can you help with a question...if consent to let is given by LiveMore would it usually be subject to a time limit, such as 6 or 12 months?
- Do I need to wait for consent to let to be issued on my current residential mortgage with LiveMore before applying for a resi mortgage on a new property?
- I have a mortgage with LiveMore at the moment and just wondering if there any costs for obtaining consent to let
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 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
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 notify them could result in your insurance becoming invalid. 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 breach of your covenants under 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.
If you do not keep up the payments on your mortgage with LiveMore your property may be repossessed