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Need professional advice for your consent to let with Pepper Money (PUK)? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to Pepper Money (UK) consent to lease
- My fixed rate runs out May 2017 and I wish to fix for a further 4 years with Pepper Money (UK), with any luck rates will remain low. In in next couple of years I might wish to move temporarily to a different city. How simple is it to get consent to let from Pepper Money (UK) in these circumstances? Assuming that monthly rent payments would be about £300 more than the Pepper Money (UK) mortgage payments.
- My girlfriend and I (joint owner) are thinking of remortgaging with Pepper Money (UK). I was conducting some research concerning consent to let from Pepper Money (UK) to understand the rules around potentially renting our current property out (probably in a in a couple of years time) if we moved away. The property in question was a first-time purchase for us about three years ago. We are living there at the moment.
- I was just seeking guidance on whether I will be allowed to switch a residential mortgage with Pepper Money (UK) to a consent to let. It will be less than 55% ltv and it would change from repayment to an interest only mortgage?
- Our fixed rate mortgage with Pepper Money (UK) comes to an end on 12th December. I am about to relocate to Brighton with work in April. I wish to rent the house in the short term. Can I get a consent to let the property?
- I was just curious as to whether Pepper Money (UK) would give consent to let and what kind of fees, penalties and rate increase etc
- Pepper Money (UK) domestic mortgage. Will they grant consent to let a house for 18 months? I plan to return as an owner.
- I was just enquiring if Pepper Money (UK) were picky when considering consent to let. I sent my request on date and I am waiting to hear back. Should I start chasing or wait for a bit longer?
- I would like to get consent to let from Pepper Money (UK) for a few years at which point I hope to switch to a BTL. Is this feasible
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above Pepper Money (UK) 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
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 lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of your covenants under 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Pepper Money (UK)