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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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My fixed rate mortgage is approaching reissuing with Atom Bank. The house has been tenanted for a few years and I think I should informAtom Bank. I understand that I can ask for a consent to lease, but given that the property has previously been let out for a considerable time could they decline - insist I go onto a BTL mortgage or even fine me? There is excellent equity - 30% LTV and have never missed any payments.
- I'm presently tied into a tenancy agreement until September and am buying an apartment. Would my mortgage provider Atom Bank object to granting consent to let until my tenancy is up and then moving in?
- I have exchanged contracts for a new build property in which I was going to move into, but my employer has presented me with the opportunity to work overseas for 18 months, can I let the new property with consent to let from Atom Bank.
- My husband and I may have to let his property out. I am aware that I need a consent to let from Atom Bank. We plan on joining a landlord association should we decide to let the flat, but which of the two should we join? We've come across the RLA and National Landlords Association.
- I took a homeowner mortgage with Atom Bank and my circumstances have changed due to family, can I obtain consent to let. What changes will affect me?
- 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 the start?
- Do you know whether Atom Bank will accept rental income on consent to let for affordability purposes or does it need to be on a buy to let ? Would Atom Bank let me raise capital based on the rental revenue ?
- My wife and I would like to rent out my flat to be nearer to my daughter's uni and take care of my father. How long will the consent to let take to get from Atom Bank? 2 weeks?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further 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 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
Failure 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