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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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Is consent to lease required from Atom Bank or can I rent out my garden flat without telling Atom Bank and being forced to convert to a B2L loan?
- My partner and I were intending to purchase a one bedroom apartment with a £20,000 down payment with the aim of moving in. Somewhat fortuitously the in-laws are arranging to move to New York for a year so we would be moving into theirIslington property to "housesit". If we were to go ahead with a residential mortgage with Atom Bank would we likely encounter any difficulties with gaining consent to let ?
- I previously got consent to let from Atom Bank in 2012 but failed to need it and subsequently refinanced with another bank. I recently asked for consent to let. I was informed that it would be forthcoming since their requirements were met. I have now got a communication advising me that I need to supply a letter from the DWP evidencing that that are aware of my current situation before they can provide consent. They said this is policy but I have not been able to find these conditions on their site. I did complain about the insinuation that I might intend to continue to claim help with interest from the DWP whilst receiving rental on the property. They apologised and offered to deposit £40 in my account . However i still am unable to locate this term and condition and i feel this is otherwise inappropriate I want to let my property as a way of releasing me from redress to social benefits not in order to discontinue claiming
- Twelve months ago my mortgage company (not Atom Bank) granted me with consent to let. This was subject to a provision that every half year they would add a fee of half a percent of the outstanding mortgage amount. Having the first couple of payments they have omitted to make the charge in recent months. This may be no more than a simple error but I am nervous that it would also mean I no longer have Consent to Let.
- My partner and I have a fixed rate mortgage with Atom Bank and are considering obtaining consent to let so that we can apply for another mortgage on another property that I own on a buy to let basis. Ahead of applying it would be helpful to know the connotations of making the change and any facts that we need to be aware of.
- My daughter has a mortgage with Atom Bank and she wants to lease her apartment out as she moving in with her boyfriend.Will she be issued with consent to let? What is the process and what needs to be done next?
- Four months ago I purchased a house using a Atom Bank home loan. However I am currently living with parents. I don't want to move in until for nine months due to personal reasons. In interim can I rent out the property with consent to let?
- Do Atom Bank grant consent to let? I am just considering this as an option if I move house in the the near future
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Atom Bank consent to let information
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 conditions are not complied with you may be in breach of your covenants under the lease. This could trigger 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Atom Bank