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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.
Top Five Questions relating to Pepper Homeloans consent to lease
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What is the most extreme action Pepper Homeloans can take if I have let out my house without consent to let?
- Under what situations will consent to let for a property be given from Pepper Homeloans? For what period of time do you have to have had the mortgage before consent to let can be negotiated with Pepper Homeloans? In order to give you some history I am a young accountant in a home bought five months ago. The ideal job offer involving relocation to a different city on a permanent basis has come up. I am interested in procuring consent to let initially in order to renting the property out to offset the costs of the Pepper Homeloans mortgage.
- I have a residential mortgage with Pepper Homeloans and will be joining the Royal Fleet Auxiliary in March. This is a civilian manned fleet run by the Ministry of Defence. I will be at sea four months on and three months in the UK. During my time on assignment I want to rent out my property in Southwark and live with my mum and dad when on shore. Will this be granted?
- My wife and I have a flat in Sutton which we acquired as a new-build just over twelve years ago. As the family is growing we are looking for more space. We've identified a house in Harrow that we would like to buy and want to keep the flat as an investment to rent out. The mortgage is with Pepper Homeloans and we've found a tenant who will pay rent which more than covers the monthly mortgage payment. The query is, can we hold onto the repayment mortgage with Pepper Homeloans so we effectively paying off our loan on the flat or must we to switch to a buy-to-let product?
- Interested to know if I would be able to get consent to let from Pepper Homeloans enabling me to move back to my parents for a year or two and conserve some cash to extend the lease on my flat?
- What information should I include in a letter seeking consent to let my property in Tower Hamlets? I would like to send a request to my lender Pepper Homeloans.
- I am currently in the process of getting a mortgage through Pepper Homeloans - It is possible that in the coming months I may decide to rent the property out - how would I switch the normal mortgage to a buy to let mortgage?
- Do Pepper Homeloans grant consent to let? I am just considering this as an option if I move home in the coming months
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Pepper Homeloans 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
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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in breach of 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 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