Need Help?
Need professional advice for your consent to let with Pepper Homeloans? 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 Pepper Homeloans consent to lease
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What do I do if my application for consent to let is turned down by Pepper Homeloans?
- I have just come off a call with Pepper Homeloans who have advised me that it has been brought to their attention that I have been letting out the one bedroom apartment even though it is on a normal mortgage. I had to move two years ago for work reasons, was unable to sell and was left with little option but to rent out my property. Do you know what the ramifications may be for me not obtaining consent to let?
- My twin plans to rent out his apartment out without consent to let from his mortgage provider Pepper Homeloans. He has been on an interest only mortgage since 2008. Outstanding amount is £99k, having paid for the flat for about £118k. In the absence of obtaining consent to let by Pepper Homeloans, exactly what sanctions does he risk?
- I have been a mortgage borrower with Pepper Homeloans for 1998. My divorce went through months ago and bought the ex wife out. My situation has changed, I want to retain my house but move in with my new partner, leasing my house out. It has been suggested by my financial advisor that I can seek consent to let by Pepper Homeloans instead of a BTL mortgage as I I did not buy the house in the first place in order to let, is this right?
- Can you help me understand what are acceptable reasons for leasing a property when it comes to seeking consent to let from Pepper Homeloans? Can you help?
- I am considering renting out my property via a consent to let from Pepper Homeloans, what fees are likely to be incurred?
- I wish to apply for consent to let from my lender Pepper Homeloans to lease out my flat. This is due to me relocating. Do Pepper Homeloans issue consent to let in these circumstances?
- I am currently in the process of applying for a mortgage through Pepper Homeloans - There is a chance that in the within months I may decide to rent the property out - how would I transfer the FTB mortgage to a BTL mortgage?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Pepper Homeloans 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
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 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
Omitting to inform 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 Pepper Homeloans