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Need professional advice for your consent to let with Pepper Money? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Frequently asked questions relating to Pepper Money consent to lease
- What is the procedures for obtaining consent to let from Pepper Money? What documents do they require? is there a fee to pay? Is consent generally limited in time and if so, for how long? Do I need to renew it every year? What if I obtain a consent but decide not to let out the property?
- A colleague recently asked for CTL from the Woolwich which they turned down citing that the mortgage had not been in place for six months. I am about to ask for consent to let from Pepper Money. Do they take the same approach?
- My gf and I might have to lease out her apartment, and I have a question regarding getting consent to do so. I know I need to inform Pepper Money and get a consent to let or transfer to a BTL mortgage. But the property is leasehold, so do we need consent to let from the residents association?
- It seems as though I will have the chance to go and work abroad in a couple of years. I am therefore thinking of downsizing to a newbuild flat in Brent which I could rent out with less difficulty as and when required. I would aim to keep 50% equity in the new apartment which would be my home for a while. My existing lender will only give consent to let for 12 months. I anticipate renting it out longer term and not informing them could land me in a whole heap of legal issues. BTL seems unnecessarily expensive given that I will be living there, perhaps for 2-3 years initially. What type of mortgage should I be seeking, and from whom? Would, for example, Pepper Money issue consent to let for more than a year?
- My wife and Iwould like to rent out our home and buy other. What do I need to supply Pepper Money to get consent to let?
- I own a house in Westminster. I would like remortgage with Pepper Money and either change to buy to let or consent to let. I'm still inside the Early Redemption Charge period so not sure if it would trigger the penalty payment?
- I have fixed rate mortgage with Pepper Money. I am going have to let out my house due to necessity. If I apply for consent to let, will I have to pay significantly more interest?
- Will Pepper Money grant consent to let my property? I currently have a homeowner mortgage, never been in arrears and have been with Pepper Money for just over six years now. What costs am I likely to incur
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Pepper Money consent to let Info
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under 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 taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Pepper Money your property may be repossessed