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.
Common questions relating to Pepper Homeloans consent to lease
- My brother is intent on letting his flat out without consent to let via his mortgage lender Pepper Homeloans. He has been on an interest only loan for about five years now. Outstanding amount due is £99k, having purchased the apartment for about £125k. If he lets the apartment out privately, exactly what sanctions is he likely to face?
- I have just received a mortgage offer with Pepper Homeloans. With any luck I will complete in the coming weeks, however I may potentially be moved abroad for work. How feasible is it for me to receive consent to let from Pepper Homeloans within a few months of drawing down on the mortgage. Do I have any other options?
- My partner and I have a flat in Lambeth which we purchased as a new-build just over eight years ago. As the family is growing we are looking for more space. We've found a house in Barnet that we wish 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 amount. The question is, can we keep the repayment mortgage with Pepper Homeloans so we effectively paying off our loan on the property or do we have to switch to a buy-to-let product?
- The likelihood is that I will have the opportunity to work abroad in a couple of years. I am therefore potentially downsizing to a newer property in Islington which I could rent out with less difficulty when the time comes. I would aim to keep 50% equity in the new apartment which would be my home for a while. My existing mortgage co will only provide consent to let for a year. I expect to be renting it out longer term and not informing them could result in a whole heap of problems. Buy-to-let seems wrong when I will be living there, maybe for 2-3 years initially. What type of mortgage should I be seeking, and from which lender? Would, for example, Pepper Homeloans issue consent to let for more than a year?
- If I were to apply for consent to let from Pepper Homeloans how long will it take to hear back?
- I want to rent the attic in my apartment in Croydon. Do I require consent to let from my lender Pepper Homeloans?
- Do Pepper Homeloans give consent to let? I am just considering this in order to move house in the coming months
- Is consent to let required from Pepper Homeloans if I am intending to reside in the property myself for part of the year? Also if I obtain consent to let for a period of time, say up to 2 years, what happens thereafter.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Pepper Homeloans 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
Where 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 inform 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
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 conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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 Homeloans