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
- I am planning to email my lender LiveMore justifying the following logic for me asking for consent to let ; "I am having difficulties paying the monthly mortgage amount and thinking about a to move back with my parents but can't sell. I am very concerned by defaulting on the mortgage and have thought about giving over the property to you. If I had consent to let that may solve matters." What are the chances that this will result in a positive response?
- I bought a property in 2006 with the help of a housing association, I own 50% by way of mortgage and rent the remaining percentage. Three years ago I purchased a new house. I let out my first property and moved to my new property. I secured consent to let from my mortgage company and I believed I had consent to let from the housing association. Last week I had a phone call from the housing association advising they had nothing on record to say I had procured permission to sublet. What are my options?
- I rented my house out for three years from 2010-2013 while employed Amsterdam. I have a letter dated March 2010 from the mortgage company granting consent to let. In the letter it clearly states that the consent to let is valid for "the remaining term of the mortgage". I have not refinanced since the letter was sent. I now plan to move house and rent out my existing house. However, my IFA has suggested that the 2010 consent to let letter may not be sufficient for the new lender LiveMore for the house I wish to buy.Your view would be appreciated
- I have had a LiveMore mortgage for just under six months but I discovered this week that I will soon lose my job. I would appreciate some how to go about applying for consent to let by LiveMore
- How do I go about getting a consent to let application form from LiveMore and how quickly can I get the consent?
- Can I get an interest only mortgage with consent to let when my current LiveMore deal runs out April 13?
- Am I required to wait for consent to let to be given on my prevailing domestic mortgage with LiveMore before applying for a resi mortgage on a new property?
- Is consent to let a cheaper way of becoming a landlord? Isn't this a loophole for some people to exploit?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above LiveMore consent to let information
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 standard 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 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 violation 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 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