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.
Common questions relating to LiveMore consent to lease
- My property has had a mortgage against it with LiveMore since 2000. Fast forward and I have got married and live in my husband’s home. My property is currently vacant and we either need to sell or let it out. Chances are that this could be a long term agreement as the prospect of moving back is unlikely. What should I advise LiveMore in order to get consent to let?
- I have a maisonette in Hounslow which I bought five years ago and which I have since remortgaged with LiveMore on a fixed rate which ends next June. If I want to rent out the property whilst I go travelling what do I need to do and is there a time limit? Are there any other financial repercussions when seeking consent to let?
- My wife and I are looking to let out our garden flat in Hackney in the new year. I would like some suggestions on what I need to do. I've just moved our LiveMore mortgage to a fixed term and just need to understand the process and what information I'll need to get consent to let.
- We have a standard variable mortgage with LiveMore that we are having difficulty receiving consent to let due to being in New York and leasing the property such a long time ago without their approval which we did not know was required. We have a <45% LVR and have been making overpayments of £500pm for six years so we are not in arrears. We are willing to move onto a buy to let rate with them at a jacked up rate however that has not been offered to us.
- Is it possible that LiveMore would have an internal record as to whether consent to let was granted for a specific property?
- I am currently in the process of applying for a mortgage through LiveMore - I foresee that in the coming months I may decide to let out the property - how would I change the FTB mortgage to a BTL mortgage?
- Do LiveMore grant consent to let? I am just considering this as an option if I move house in the coming months
- We are mulling over a remortgage offer with LiveMore and it's likely I will require consent to let at some point in the fixed period. Are there any penalties I should be aware of?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above LiveMore consent to let Advice
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 notify them could trigger 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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise your co-owner of your intention to let could result in them commencing legal proceedings 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