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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.
Top Five Questions relating to Pepper Money consent to lease
- Next month I will be moving to Denmark. As opposed to sell my house, I would like to lease it out, just in case things don’t pan out. My existing mortgage is with Pepper Money. If I looked to refinance would a new provider view this as me seeking to dodge a Buy To Let mortgage, of which there is very limited availability for 80% LTV, and hence reject my request for Consent to Let?
- Can you explain "consent to let" to me? I live in a studio apartment and its in good condition. It has been on with agents for two months and I have had very few viewings. This is probably due to an longstanding feud with the family next door. I was obliged to mention this on the disclosure sheet. I am with Pepper Money on a standard variable rate. It has been suggested to me that I should seek consent to let from Pepper Money and rent the property for a couple of years.
- I let my flat six months ago and didn't tell Pepper Money. I have a three year homeowner mortgage (large amount of equity in it, no arrears) and want to let Pepper Money know and get consent to let for the final 24 months of my mortgage . Not sure what to do.
- I may have the chance to go and work overseas in a couple of years. I am therefore thinking of downsizing to a newer property in Merton which I could rent out with less difficulty as and when required. I would aim to retain half the equity in the new apartment which would be my home for a while. My existing mortgage provider will only provide consent to let for a year. I suspect renting it out longer term and not informing them could land me in a whole host of legal issues. Buy-to-let seems wrong when I will be living there, maybe for 2-3 years initially. What type of mortgage do I ask for, and from whom? Would, for example, Pepper Money provide consent to let for more than a year?
- I was just curious as to whether Pepper Money would grant consent to let and what kind of fees, penalties and new rates etc
- My OH is in the process of placing an offer on a new property in Hillingdon and is getting a good deal as it needs some work done. We want to rent our current property for 2 years and come back to live. Is there anything in the Terms and Conditions of my Pepper Money mortgage to say I can rent it out or do I require specific consent to let?
- A work promotions now necessitates that Ibe in different countries every month and as such I wish to get to grips with the process for seeking consent to let with Pepper Money
- 13 months into mortgage with Pepper Money due to job offer.. need to relocate. Is it possible to get buy to let or consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Pepper Money consent to let Advice
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
If 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 may result in your insurance becoming invalid. 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 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 breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform 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.
If you do not keep up the payments on your mortgage with Pepper Money your property may be repossessed