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.
Frequently asked questions relating to Atom Bank consent to lease
- Last month I was offered a job 250 miles from home and considering whether it's worth leasing my house out. Will Atom Bank allow me to switch mortgage or issue me with consent to let? Should it not be available I will have to think about whether it's worth taking the job. I have no objection to paying more as it is likely that I will come back and move into my home after twenty four months. I'm not doing it to to make money. Just really like my property and want to return to it one day.
- Resulting from a redundancy we are looking to move away from Westminster and our house, potentially to a job in Amsterdam but that means we will want to let the property but don't want the cancellation fees of existing Atom Bank mortgage which will be expensive.What are acceptable reasons for obtaining consent to let on our property?
- I acquired a one bedroom apartment in Hounslow in 2006 and remortgaged with Atom Bank on a rate which expires in the coming months. If I go overseas for work and want to lease out my property what would I need to do to get consent to let and what are the financial repercussions if any?
- Need some help about renting a property and consent to let. I intend to move in with my other half. The council would like to rent my flat for three year commitment with rent being paid and maintenance. The mortgage is with Atom Bank. Please help
- I don't currently have consent to let from Atom Bank but I would like to apply, An opportunity has arisen which might involve me working away for eighteen months. But want to keep my property for my return - can you help?
- Assuming that I was successful in obtaining consent to let from Atom Bank, could I sell during the consent period? Is it possible that I would incur any penalties?
- I recently purchased a property with 10% deposit for personal uses. A mortgage was taken with Atom Bank. However my circumstances have now changed. I am being transferred out of the area. Am I able to obtain consent to let from Atom Bank and put the house up for rent?
- I want to get consent to let from Atom Bank for a couple of years at which point I hope to transfer to a B2L. Is this achievable
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to 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
One thing to remember when arranging a consent to let mortgage with Atom Bank is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 provisions in the lease may prevent 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 potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Atom Bank