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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.
Sample questions relating to Atom Bank consent to let
- Can you please advise me what Atom Bank charge for consent to let out part of my three bed flat? Any insights would be appreciated.
- My flat has a mortgage against it with Atom Bank and I have been letting out my apartment without consent to let, which I am now led to believe means I am in breach of my mortgage Ts and C’s. I fear that they have found out that I am not living there. Is my best option is to sell the flat prior to being repossessed?
- My boyfriend and I (joint owner) are considering moving our mortgage to Atom Bank. I was doing some research concerning consent to let from Atom Bank to understand the rules around potentially leasing our current apartment out (probably in a in a couple of years time) if we moved away. The property in question was a first-time purchase for us about 2 years ago. Currently we are living there.
- My partner and I are planning to utilise equity in my existing house to buy an additional property which I propose to live in whilst I refurbish. My preference is to rent my first property with the Atom Bank mortgage. How likely is it that I would obtain consent to let? House is valued at £300 k with a £125k mortgage in place.
- My GF is in the process of placing an offer on a new property in Croydon and is getting a good deal as it needs some work done. We want to rent our current property for 2 years and then return. Is there anything in the Ts and Cs of my Atom Bank mortgage to say I can let it out or do I need specific consent to let?
- We have a new mortgage however my girlfriend doesn't feel safe in the property due to other tenants in the block. I know that many lenders have a half year rule before consent to let - does this apply to all lenders. Is there any way Atom Bank would grant consent to let from day one?
- Just wanted to know what needs to be provided to Atom Bank in order to get consent to let? I just finished a three year fixed mortgage and possibly moving to another property with my partner.
- I am looking to get consent to let with my Atom Bank residential mortgage. It is a detached house. Do Atom Bank grant consent on this basis? Or would it be regarded as an HMO?
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Important warnings to consider in supporting 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
One thing to remember when arranging a consent to let mortgage with Atom Bank 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 regular 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
Should the tenure of your property be 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
Neglecting to advise your co-owner of your intention to let could result in them commencing legal proceedings 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