Buy to Let - LendInvest Conveyancing Requirements for Properties Let at Completion
LendInvest buy-to-let obligations are explicit in Part 1 of the December 1st 2014 version of the CML Handbook which provides that unless it is clear from the mortgage offer that the property is let or is to be let at completion then you must check with LendInvest as to whether LendInvest lend on "buy-to-let" premises and that the loan is for that purpose.
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Last updated on 14/05/2021 Part 2 of the UK Finance Lenders’ Handbook for LendInvest deals with who you need to contact If different from section 1.11, i.e the contact point if property is let or to be let. It also deals with whether LendInvest lend on buy-to-let
See 1.11a. Your attention is drawn, however, to the terms of the mortgage offer. We do not require a report if consent to the property being let is granted under the terms of the offer.
If the premises, or part of it, is currently let, or is to be let at completion, then the letting must comply with the details set out in the LendInvest mortgage offer or any consent to let LendInvest issue. If the letting does not comply, or no such details are mentioned, you must notify the position to LendInvest
Part 2 of the UK Finance Lenders’ Handbook for LendInvest outlines who you must contact If different from 1.11, i.e the contact point when you do not have details of current letting or letting to take place at completion:
Law firms on the LendInvest solicitor panel,when it comes to buy to let properties need to check Part 2 of the UK Finance Lenders’ Handbook as to whether counterparts or certified copies of all tenancy agreements and leases in respect of existing tenancies must be sent to LendInvest after completion
In considering whether the mortgage company requires a certified copy letting agreement to be sent LendInvest says:
No. We may, however, ask you for copies of the documents if we require them.
The information contained within this webpage is for general information purposes only for lawyers in England and Wales, it does not constitute advice and you should always check the UK Finance Lenders’ Handbook for LendInvest Buy to Let requirements as well as the mortgage offer. Whilst we endeavour to keep the information up to date and correct but does not make any representation or warranties of any kind about its completeness, accuracy, reliability or suitability. Any reliance you place on the information is strictly at your own risk. Lexsure will not be liable for any direct or indirect loss or damage arising out of or in connection with the use of this information. The same caveat applies to members of the public looking at this page. If you wish to find a buy to let conveyancing specialist on the LendInvest panel or a buy to let mortgage broker click here.