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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.
Frequently asked questions relating to Atom Bank consent to lease
- I rented my house out for three years from 2009-2012 while working abroad. I have a letter dated May 2010 from the lender 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 remortgaged since the letter was sent. I now plan to move house and rent out my existing house. However, my IFA has suggested that the 2010 consent to let letter may not satisfy the new lender Atom Bank for the property I intend to purchase.Can this be correct
- How long do I need to have a further advance from Atom Bank before I can get consent to let. Can I call a member of your team to explore my options please?
- I have found myself in the accidental landlord category and failed to inform Atom Bank. I had to vacate my flat for family reasons, so am now based in another part of the country. At first I attempted to sell the flat, but prices were depressed, resulting in negative equity. This was a couple of years ago in 2011, which has since seen the property price increase and has allowed me time to accumulate savings. I am in now in a position where I can now switch to a BTL mortgage and would like to remortgage at the same time. My concern is, will changing mortgage providers possibly alert Atom Bank that I have been letting without consent to let? I appreciate that I shouldn’t have done what I did, but circumstances backed me into a corner. Can I change to a BTL without Atom Bank knowing what I’ve done?
- Last month I got married and my wife and I would like to purchase a family home in the coming year, whilst keeping our one bedroom apartment in Greenwich we currently live in to rent out. Mortgage on the flat is with Atom Bank. I don't want to put myself in a situation with two residential properties only to be refused consent to let.
- I am going away for work for up to twelve months... I was wondering if I was able to get from Atom Bank consent to let the property out while overseas as I am reluctant to leave it empty for that period
- I am currently in the process of getting a mortgage through Atom Bank - I foresee that in the within months I may decide to rent the property out - how would I switch the normal mortgage to a buy to let mortgage?
- Me and my fiance and I have four months to remaining on a two year residential mortgage with Atom Bank but now let the flat out. Can I assume they will simply charge a flat fee for consent to let?
- What, if any, income criteria do Atom Bank set for consent to let on an existing standard mortgage?
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General Advice to read in in addition to the above Atom Bank 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
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 obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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 Atom Bank your property may be repossessed