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Need professional advice for your consent to let with Atom Bank plc? 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 Atom Bank consent to lease
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I am about to join the property ladder looking to purchase a terraced house in Atom Bank. I have a 50% deposit with a mortgage from Atom Bank. My predicament is that my girlfriend inherited a apartment in London and I hope to be moving in next month, when I would have to let out my property. I I know that consent to let is needed but it does not sound like a positive outcome is assured. Can you offer any advice?
- Last month I received consent to let on a owner-occupier mortgage with Atom Bank with a view to moving to a buy-to-let rate when the fixed rate expires in a few months' time, so I'm uncertain if this complications to the issue! Any advice much appreciated.
- I am looking to apply to Atom Bank for consent to let on my existing residential property in Wandsworth. I am looking to release equity from my existing property ahead of this, and making use of that money to acquire a further residential property. I will move into that house whilst doing it up for nine months at which point the intention is to sell it then move back to my current property. Is this something Atom Bank will consider consent to let for or is that out of their criteria?
- I am in the Royal Navy and am looking to purchase a home with a Atom Bank mortgage. I would like to be given consent to let the house to my parents. In years to come I plan to reside in the property with my wife and kids when my military career comes to an end. Is this feasible?
- I am looking to Atom Bank to issue me with consent to let out my basement flat in Camden. I am moving to Dubai for Six months on a secondment.
- Does my LTV need to be at a certain level to allow me to apply for a consent to let from my mortgage lender Atom Bank. Will any consideration be given to the fact that I only took out the mortgage two months ago?
- I have a mortgage with Atom Bank taken five months back where I moved from another lender. Am I now able to rent my property with consent to let from Atom Bank as I am looking to purchase another property.
- I was just wondering how to get consent to let from Atom Bank...do I call them or apply formally in writing to them?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Atom Bank 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
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 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 breach of the lease. This could potentially result in 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with Atom Bank your property may be repossessed