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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.
Common questions relating to Atom Bank consent to lease
- Please explain "consent to let" to me? I live in a 1 bed flat and its in good condition. It has been on with agents for two months and I am struggling to sell. This is because my neighbour is a drunk and assaulted me last year. I had no choice but to put it on the disclosure sheet. Mortgage is with Atom Bank on a fixed rate. Someone mentioned I should obtain consent to let by Atom Bank and lease the flat to tenants.
- I have been a mortgage borrower with Atom Bank for 1999. My divorce was finalised 18 ago and bought the ex wife out. My circumstances have changed, I would like to retain my house but live with my new partner, leasing my house out. I have been told by my IFA that I can ask for a consent to let by Atom Bank rather than a BTL mortgage as I I did not buy the house in the first place in order to let, your feedback would be appreciated?
- I'm one year into a two year fixed mortgage with Atom Bank. The LTV is only 35%. I've identified a really good deal on a garden flat in Bexley which I don't want to miss. It appears that the only way I can get this other property is to take out some good chunk of equity. I would let the existing property which would adequately cover the homeloan with Atom Bank. Is it possible to obtain consent to let from Atom Bank and and then seek an equity release after it's let out?
- Due to a change in family circumstances my husband and I are moving to my parents house while they are away and letting our flat out. We are going to need for consent to let from Atom Bank. Will this be issued? We will need to remortgage in the next year will we then have to move to a BTL product. We will definitely return to our property at the beginning of 2017?
- So this is the scenario: I am moving to become a non-UK resident. Potentially for many years. However I will be on a six month probation period .I'm wanting to know the criteria for consent to let from Atom Bank and what charges are to be incurred
- Our Atom Bank mortgage is coming up for renewal. We would like to apply for a new residential mortgage and then seek consent-to-let. Is this possible? We don't use the house much now that our kids are growing up, and would be better used as a rental.
- Do you know if there is normally a required LTV before Atom Bank will give consent to let?
- I have a homeowner mortgage with Atom Bank. I acquired the property in September last year. Is it possible to get consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above Atom Bank consent to let information
Tax and Legal
There are numerous potential 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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them may result in your insurance becoming null and void. 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 breach 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 taking legal action 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