Buy to Let - Paragon Residential Conveyancing Requirements for Properties Let at Completion

Paragon Residential buy-to-let obligations are explicit in Part 1 of the Council of Mortgage Lenders’ Handbook which provides that unless it is clear from the mortgage offer that the property is tenanted or is to be let at completion then you must check with Paragon Residential as to whether Paragon Residential lend on "buy-to-let" premises and that the loan is for that purpose.

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Previously updated on 17/01/2022 Section Two of the UK Finance Lenders’ Handbook for Paragon Residential deals with who you need to contact If different from paragraph 1.11, i.e the contact point if property is let or to be let. It also deals with whether Paragon Residential lend on buy-to-let

As 1.11a. This is a residential product and the property must be owned and occupied by the Borrower (and family).

If the property, or part of it, is already let, or is to be let at completion, then the letting must comply with the details set out in the Paragon Residential mortgage offer or any consent to let Paragon Residential issue. If the letting fails to comply, or no such details are specified, you must notify the position to Paragon Residential

Part 2 of the UK Finance Lenders’ Handbook for Paragon Residential specifies 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:

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Law firms on the Paragon Residential 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 Paragon Residential after completion

In addressing the question whether the lender requires a counterpart tenancy agreement to be sent Paragon Residential says:

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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 Paragon Residential 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 Paragon Residential panel or a buy to let mortgage broker click here.