Need Help?
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.
Sample questions relating to Pepper Money (UK) consent to let
-
Helen (my partner) and I may need to let our Redbridge home temporarily due to a new job. This will be for a limited period but possibly for as long as 6 years. Must I notify Pepper Money (UK) or do I keep schtum?
- My partner and I were planning to buy a ground floor flat with ten per cent deposit with the aim of moving in. Somewhat fortuitously the in-laws are arranging to move abroad If we were to proceed with a residential mortgage with Pepper Money (UK) would there be any issues with switching to consent to let ?
- Existing property worth £150k. Outstanding home loan of £20k with 5 years to run. Seek consent to let from Pepper Money (UK) for current residence and use rent to pay off remaining of the loan. Apply for sixty % Pepper Money (UK) loan on new flat that I will consider to be my main home? Can this be done?
- We are planning to rent out my flat for 12 months from 10th August 2016. Is there conventional wording for a letter I can use to send to Pepper Money (UK) to apply for consent to let.
- We are contemplating a remortgage and also thinking of renting the property in the years to come - Is there a charge with Pepper Money (UK) to procure consent to let and what are the requirements?
- We are intending to switch lender to Pepper Money (UK) for a fixed rate but during this period would need to rent the flat out for approximately 12 months. Do Pepper Money (UK) consent to let on fixed rate mortgages and if so, what are the costs.
- Was wondering how to seek a consent to let from Pepper Money (UK) with whom I have a mortgage with. There is an outstanding balance of 57k. The value of property is 110k. Property is in my name but my wife and I would like to purchase a three bed flat in Waltham Forest we have seen together. How do we go about this?
- Do you know whether there a time limit on a consent to let from Pepper Money (UK)? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above Pepper Money (UK) consent to let Questions and Answers
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
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 obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Pepper Money (UK) your property may be repossessed