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.
LiveMore Consent to Lease Example Support Desk Enquires
-
Due to problems with the area we live in (it's rough!), we are now looking to move. As disposing of the flat will result in early repayment charges to LiveMore of £5000, we thought that it would be sensible to let it out. In the circumstances we need consent to let from LiveMore only a year. Will LiveMore grant consent?
-
Bottom line - if worst comes to the worst what action LiveMore can take if I have let out my house without consent to let?
- Due to redundancy we are looking to move away from Redbridge and our house, potentially to a job in Amsterdam but that means we will want to let the property but don't want the cancellation fees of existing LiveMore mortgage which will be high.On what basis is 'consent to let' issued by LiveMore?
- I took out a normal mortgage with LiveMore last December and then had to relocate for work, I am now looking to renting my apartment out for six months whilst I am away. Am I able to get a consent to let from LiveMore, and what effect would this have?
- What is the process for gaining consent to let from LiveMore? Is there specific requirements such as you have to live in the property for over 9 or 12 months before its given?
- I am already letting out my flat but may have been sussed out. I have 5 months remaining on my fixed rate. How easy is it to get consent to let from LiveMore. Is it just a five minute phone call, pay the fee and it's done there and then?
- I want to apply for consent to let from my lender LiveMore to rent out my house. I am potentially moving in with myfiance. Do LiveMore give consent to let in these circumstances?
- Me and my husband may need to lease our home temporarily due to a new job. This will be for a limited period but perhaps for threeyears. Should I tell LiveMore or it is wise to keep my head down?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above LiveMore consent to let Advice
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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 provisions in the lease may prevent you from letting or require that you obtain the consent of 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
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.
Your property may be repossessed if you do not keep up repayments on your mortgage with LiveMore