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.
Recently asked questions relating to LiveMore consent to lease
- I currently have a domestic mortgage with LiveMore. I have been offered a property as part of my job and wish to let out my current property. The financial advisor has advised me it is a formality. Can you give me some information please?
- Your view would be appreciated as to whether consent to let from LiveMore is the right strategy for me. I purchased my property seven months ago by porting an existing LiveMore mortgage product. My fixed term expired five months ago I'm currently considering moving in with a new partner. I don't want to sell my house yet because I have no idea as to whether the new move will work out. I just wanted an idea of whether a consent to let from LiveMore would be possible?
- My gf and I might have to lease out her flat, and I have a query concerning getting authority to do so. I know I need to notify LiveMore and get a consent to let or change to a buy to let product. But the property is leasehold, so do we need consent to let from the freehold company?
- I have been renting out my flat to students for a few years but not on a buy to let mortgage as I naively considered that you only required a buy to let if you had more than one mortgage. In trying to buy a further property, I found that I should have had consent to let all along from my lender LiveMore. I'm enquiring whether I can now ask LiveMore for a consent to let?
- This is not a question specific to LiveMore but do mortgage companies usually provide the information I need for my Buy to Let or Consent to Let self-assessment tax returns?
- Do you know if I can keep my current domestic mortgage with LiveMore if I start renting out? If the consent to let is issued will they tie me into an increased rate?
- Last month I bought a house with 10% deposit for personal uses. A homeloan was taken with LiveMore. However my circumstances have now changed. I am being transferred overseas. Am I able to get consent to let from LiveMore and put the house up to let?
- Me and my husband may have to lease our home temporarily due to a new job. This will be for a limited period but no more than twoyears. Should I tell LiveMore or it is wise to keep quiet?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting 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 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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