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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.
Questions and Answers: LiveMore consent to let
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Is consent to let needed from LiveMore or can I let my basement flat without telling LiveMore and having to transfer to a B2L loan?
- I have a standard mortgage with LiveMore and will be joining the Royal Fleet Auxiliary in March. This is a civilian manned fleet run by the Ministry of Defence. I will be at sea four months on and three months in the UK. Whilst away I want to rent out my property in Southwark and live with my parents when on shore. I am confident that my rental income would cover my monthly repayments. Can you help?
- Hello, I have consent to let my house with LiveMore and am now looking to give my tenant 2 months notice as I want to sell the property. I am worried about the property being vacant when the tenant leaves and finding a buyer. I have never missed a payment on the account, would it be possible to take payment holidays until sold?
- We have a residential mortgage with LiveMore that we are having difficulty getting consent to let as a result of being in Dubai and leasing the apartment a few years ago without their consent which we did not know was required. We have a 50% LVR and have been making overpayments of £500pm for six years so we are not in arrears. We would happily swap onto a BTL mortgage with them at a bumped up rate yet we haven't been given that as an option.
- I would like to know the criteria for consent to let from LiveMore and what fees are to be incurred. Recently I have moved in with my wife and have a friend wanting to let out the property.
- I am going away for work for up to a year... I was wondering if I was able to procure from LiveMore consent to let the house out while I was away as I am reluctant to leave it unoccupied for that long
- I am already renting out my property but may have sussed what has been going on. I have 5 months left on my fixed rate. How easy is it to get consent to let from LiveMore. Is it just a quick phone call, pay the fee and it's done there and then?
- I am trying to find out if LiveMore will grant consent to let in a situation where we need to move closer to relatives in a different house albeit that we may move back the future if circumstances change.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental 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
If 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 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with 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 record their consent in writing.
If you do not keep up the payments on your mortgage with LiveMore your property may be repossessed