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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.
Recently asked questions relating to Pepper Money (UK) consent to lease
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Is consent to let needed from Pepper Money (UK) or can I lease out my property without telling Pepper Money (UK) and having to switch to a buy-to-let mortgage?
- I purchased a house 3,two years ago in Sunderland when I worked locally. I got a new job which necessitated working in Wimbledon. I commute down on Saturday evening and live with a relative mid week. I decided on relocating with the family to avoid the commute. I am exploring the option of renting out my current home. My mortgage is with Pepper Money (UK), would I have to change my mortgage deal or do I apply for consent to let?
- My house had been tenanted for three years from 2010-2013 while employed Amsterdam. I have a letter dated March 2010 from my building society granting consent to let. In the letter it explicitly states that the consent to let is valid for "the remaining term of the mortgage". I have not refinanced since the letter was sent. I now plan to move house and rent out my existing house. However, my financial advisor has suggested that the 2010 consent to let letter may not be sufficient for the new lender Pepper Money (UK) for the house I wish to purchase.Can this be correct
- I am currently a Pepper Money (UK) mortgage borrower in need of consent to let on my present property. We would like to buy in close proximity to where we are based with the Royal Air Force,... but we may have to move.
- I have a mortgage with Pepper Money (UK) on a three year fixed rate. I may have an opportunity for a teaching job abroad in a years time. Would I qualify for consent to let from Pepper Money (UK) were I to accept this opportunity overseas?
- I have acquired a house using a Pepper Money (UK) home loan. However I am currently living with mother and father. I don't want to move in until next February due to personal reasons. In meantime can I lease out the property with consent to let?
- Me and my sister and I have four months to left on a 2 year residential mortgage with Pepper Money (UK) but now lease the flat out. is it safe to assume they will simply charge a set fee for consent to let?
- I wish to get consent to let from Pepper Money (UK) for a few years until I can transfer to a BTL. Is this feasible
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Pepper Money (UK) consent to let Info
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
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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
If you do not keep up the payments on your mortgage with Pepper Money (UK) your property may be repossessed