Need Help?
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.
Sample questions relating to Pepper Money consent to let
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I intend to let out my flat to some tenants who have asked me for a duplicate of my ‘consent to let’ from Pepper Money, my bank. Is this standard practice? My letting agent cannot offer an explanation, can you?
- I am a first time buyer in the process of attempting to purchase a flat. However I am potentially also going to be moving abroad within the next couple of years. I have mentioned this to my financial adviser who has informed me as long as nothing has been signed or confirmed you can go ahead and apply for a residential mortgage with Pepper Money. Once that's complete if it transpires that I need to move abroad he said can apply for a consent to let from Pepper Money. How would the property be treated for CGT purposes? From what I can tell there is some sort of tax relief if you have had to vacate your property to move abroad for work. is that right?
- I plan to relocate to another property, I have been at my existing property for fifteen months. Is there a minimum time to spend at a property before Pepper Money will give a consent to let?
- Where a property owner opts to lease out their property in the absence of consent to let via Pepper Money - what, if any implication might there be for an agent acting on their behalf?
- At the moment I do not have consent to let from Pepper Money but I would like to apply, I am looking at working away for eighteen months. But want to keep my house for when I come back - are you able to help?
- Our Pepper Money mortgage is coming up for renewal. We would like to apply for a new residential mortgage and then apply for a consent-to-let. Is this possible? We don't use the house much now that our kids are growing up, and would be better used as a rental.
- Please could you shed light what the procedure would be if we purchased a second home and need to obtain consent to let for our existing mortgage with Pepper Money
- Is there a time limit on a consent to let from Pepper Money? 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 supporting 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
One thing to remember when arranging a consent to let mortgage with Pepper Money is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Pepper Money