Need Help?
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.
Sample questions relating to Pepper Money (UK) consent to let
- I have a two bed leasehold maisonette with a Pepper Money (UK) mortgage and have a lodger in the one of the room. I am about to relocate to Tower Hamlets and will look for a property to rent. My lodger doesn't want to move out so is willing to pay a higher rent. Do I have to seek consent to let by Pepper Money (UK)?
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I have a current mortgage contract with Pepper Money (UK) and need clarify if it would be possible to receive consent to let out our studio flat in Camden.
The purpose for needing to find tenants for the property are as follows: -
- My wife and I will be migrating to Cape Town in January.
- In renting out the property this will enable us to make some savings to help the migration process.
- It would be pointless from a financial point of view to pay outright for a property which we are not living and by renting out the property this would be deemed as continuing investment.
If Pepper Money (UK) granted permission to us for renting we would propose some financial assurances to include: -
- Maintain paying the monthly mortgage payment by direct debit.
- Instruct an approved letting agent who will provide a rent guarantee scheme as a further financial safeguard.
- Supply our contact details for when we relocate.
- Hello, I have consent to let my property with Pepper Money (UK) and am now looking to give my tenant 2 months notice as I wish to find a buyer. I am worried about the property being vacant when the tenant goes and finding a buyer. Not once have I missed a payment on the account, is it likely that I would be able to take payment holidays until I complete the sale?
- My plan is to let my studio flat out from the end of June this year as I will be travelling for a few months. I have a homeowner mortgage with Pepper Money (UK). I will not be letting for more than six months. Most likely it will be four months. I have been told to seek permission from my freeholder first? Please can you advise what I should be doing in what order?
- I have recently got married and I am in the process of buying out 100% of my co-ownership mortgage with my wife. As a result we have now been given a 90% loan to value on our house. We want to buy a larger property. Will it be possible to get a consent to let on my new mortgage with Pepper Money (UK) to allow us to get a mortgage also with Pepper Money (UK) for a new home?
- If I am tied into a fixed rate with Pepper Money (UK) but am considering letting out my property, is there a charge for consent to let from Pepper Money (UK) and does the interest rate get uplifted?
- I'm possibly going to Aus for twelve months with work. Planning on taking the husband with me and hoping to rent our Harrow home in the meantime on a temp basis to make matters more cost effective. I was just wondering where I can I get a consent to application form from
- I have a leasehold flat. I would like remortgage with Pepper Money (UK) and either change to buy to let or consent to let. I'm still within the Early Redemption Charge period so not sure if there such a thing as porting to some property?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above Pepper Money (UK) consent to let information
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 restrictions are not strictly observed you may be in breach of the lease. This could potentially result in 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.
If you do not keep up the payments on your mortgage with Pepper Money (UK) your property may be repossessed