Buy to Let - Magellan Homeloans Conveyancing Requirements for Properties Let at Completion

Magellan Homeloans legal requirements are explicit in Part 1 of the Lenders 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 Magellan Homeloans as to whether Magellan Homeloans lend on "buy-to-let" properties and that the loan is for that purpose.

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Previously updated on 06/04/2017 Section Two of the UK Finance Lenders’ Handbook for Magellan Homeloans 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 Magellan Homeloans lend on buy-to-let

Issuing Office

In situations where the residence, 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 Magellan Homeloans mortgage offer or any consent to let Magellan Homeloans issue. If the letting does not comply, or no such details are mentioned, you must report the position to Magellan Homeloans

Part 2 of the UK Finance Lenders’ Handbook for Magellan Homeloans outlines who you need to 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:

Issuing Office

Conveyancing solicitors on the Magellan Homeloans conveyancing 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 Magellan Homeloans after completion

In considering whether the bank requires a certified copy letting contract to be sent Magellan Homeloans says:

No - to be held on file with the title deeds and documents after completion unless otherwise stated in the offer.

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 Magellan Homeloans 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 Magellan Homeloans panel or a buy to let mortgage broker click here.