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
- Just looking for some information, I have a mortgage on a flat with Atom Bank and I am pondering on the idea of leasing my property out. Can I do this without switching to a buy to let or getting consent to let from Atom Bank?
- Contracts were exchanged last month for a new build property in which I was going to move into, but my manager has offered me a posting overseas for 18 months, can I let the new property with consent to let from Atom Bank.
- I am a landlord and currently completing eviction orders on a tenant who had not paid his rent in 3 months. A Section 21 and section 8 have been issued. The tenant's defense for refusal to pay is based on the claim that I lack consent to let my garden flat from my lender Atom Bank
- I bought a garden flat in Brent in 2009 and remortgaged with Atom Bank on a rate which expires in the later this year. If I go abroad and want to rent out my property what would I need to do to get consent to let and what are the financial repercussions if any?
- We are nine months into a five year first time buyer mortgage with Atom Bank. Just wondering whether it's ok to rent out the property on my existing mortgage. Will Atom Bank issue consent to let?
- I own a house in Croydon. I would like remortgage with Atom Bank and either change to buy to let or consent to let. I'm still within the redemption penalty period so not sure if there such a thing as porting to some property?
- My son has a mortgage with Atom Bank and he wants to let his flat out as he is moving in with his girlfriend.Will she be given consent to let? What is the procedure and cost involved?
- Just wanted to know how to obtain a consent to let from Atom Bank with whom I have a mortgage with. There is a remaining balance of 87k. The value of property is 245k. Property is in my name but my wife and I would like to purchase a studio flat in Ealing we have seen together. How do we go about this?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Atom Bank consent to let Advice
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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 conditions are not complied with you may be in violation of 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