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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.
Common questions relating to Atom Bank consent to lease
- I would like to move and let out my studio flat in Merton. Having bought it in winter 2009 and currently on a high ltv there is little equity in it. My mortgage is with Atom Bank. Do you know where Atom Bank stand when it comes to consent to let?
- I have a garden flat in Westminster let out which has a fifty year lease. Mortgage broker suggested I should refinance (currently with Atom Bank) as a buy to let rather than consent to let and release 45-55k which on top of a new homeloan based on income multiples would give me a budget of £200k. Not much about in Sutton for me to get my own place. A lease extension will be in region of 13k. Lease out with consent to let or sell the flat?
- I am planning to let my apartment for 12 months from 6th November 2015. Is there a standard format for a letter I can use to write to Atom Bank to request consent to let.
- My husband and I are in a tricky mortgage scenario in the last 2-3 month. We have to rent our home with consent to let and move to a different location to be nearer to my parents. We now rent a property. We are finding it very difficult to find a better mortgage deal for our consent to let home. Is there is a list available as to which lenders grant consent to let and what their conditions are?
- My husband and I are having to relocate to Kenya for eighteen months for my job but I don't want to change the mortgage to BTL as I want to move back into it when I return. Do you know if Atom Bank charges extra on the interest? Is there any work around?
- My current mortgage is with Atom Bank, but I have to get consent to let for about a year as my partner is unwell and is struggling to balance work with the hectic environment we are living in. We want to just chill out a little for a year (by living near her parents and getting their help) in a greener less hectic part of Bristol.
- I am trying to investigate if it is possible to get a consent to let mortgage with Atom Bank rather than a buy to let mortgage
- I have an annexe in our garden. Do we need consent to let this from Atom Bank? If so, what is the process if I need to transfer the mortgage to consent to let?
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 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 regular 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 conditions are not complied with you may be in violation of your covenants under 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 taking legal action 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