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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.
Recently asked questions relating to Atom Bank consent to lease
- I am with Atom Bank and just had to apply for consent to let, but wondered if they have any stipulations on the level of rental income?
- My premises valued at £95k. Atom Bank mortgage owing £18k with seven years to run. Get consent to let via Atom Bank for current flat and use rent to pay off the last few years of mortgage. Apply for 70 per cent Atom Bank mortgage on new premises that becomes my primary address? Is this possible?
- My twin and his partner currently lodge with me at my two bedroom maisonette. This Spring I would like to move out of the flat and in with my partner. How likely is it that I will be able to get consent to let from Atom Bank after only having the mortgage for less than half a year?
- I am unable to locate the form to download "consent to let" on the Atom Bank website. Could you please email me a link to do it? Many thanks.
- If I were to apply for consent to let from Atom Bank how long will it take to hear back?
- 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 want to apply for consent to let from my lender Atom Bank to let out my property. I was thinking of moving in with mypartner. Do Atom Bank allow consent to let in these circumstances?
- Do Atom Bank grant consent to let? I am just considering this in order to move house in the coming months
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above Atom Bank consent to let Advice
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
Omitting 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 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 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