Need Help?
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.
Examples of recent questions relating to Atom Bank consent to let
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A friend of mine suggested that this Christmas I rent out my cottage and make money from it whilst on holiday. It’s only for a fortnight. Do I need consent to let from Atom Bank?
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Within the next few days I intend to get in touch with Atom Bank to obtain consent to let out my home in Atom Bank. However the property has been on with agents for 4 weeks but there are no takers and paying a full mortgage, council tax and insurance on vacant house is hurting financially. What approach would Atom Banktake if I market the property?
- We have a fixed mortgage with Atom Bank (with just under eighteen months left) but due to redundancy want to move away from London (actually to a new job in Belgium) and so want to lease the property out. We are keen to avoid the expense of a repayment charge and understand that some lenders are content to grant this 'consent'...what is the policy adopted by Atom Bank?
- Require some help about renting a property and consent to let. I intend to move in with my other half. The local authority would like to rent my flat for 5 year commitment with rent being paid and maintenance. Our mortgage was changed to Atom Bank in 2014. Please help
- I am looking at moving overseas for work and would like consent to let from Atom Bank whilst I am away. Is the way forward to prepare a letter requesting consent to let and mail it to Atom Bank? The point of renting the property isn't to make money but to keep the house in case things don't turn out as well as we hope
- I am looking at some alternative lifestyle. I have a Atom Bank mortgage, if I become a non-UK resident but wish to rent my UK house, ...what steps should I take to get consent to let. Can this be obtained on via email ?
- I recently bought a house with 10% deposit for personal reasons. A mortgage was taken with Atom Bank. However my circumstances have now changed. I am being transferred overseas. Am I able to get consent to let from Atom Bank and put the property up to let?
- Is consent to let a less costly way of becoming a landlord? Isn't this a loophole for some borrowers to exploit?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Atom Bank consent to let Questions and Answers
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
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
Should the tenure of your property be 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 your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform 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