Buy to Let - Paratus Conveyancing Requirements for Properties Let at Completion

Paratus legal requirements 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 let or is to be let at completion then you must check with Paratus as to whether Paratus lend on "buy-to-let" premises and that the loan is for that purpose.

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Previously updated on 03/06/2021 Part 2 of the UK Finance Lenders’ Handbook for Paratus 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 Paratus lend on buy-to-let

The mortgage offer will indicate whether the mortgage is a Residential or Buy to Let product, and whether we are lending on a House in Multiple Occupation or Multi-Let Unit. Any queries regarding standard or special mortgage conditions should be referred to New Business Department, Foundation Home Loans, 5 Arlington Square, Downshire Way, Bracknell, RG12 1WA /Email: FHL@foundationhomeloans.co.uk/ Tel: 0344 770 8033

Where the property, 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 Paratus mortgage offer or any consent to let Paratus issue. If the letting does not comply, or no such details are specified, you must notify the position to Paratus

Part 2 of the UK Finance Lenders’ Handbook for Paratus deals with 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:

The property must be let under an approved AST at or within 3 months of completion. The Mortgage Offer will set out our specific requirements for any letting of the property. Any queries regarding standard or special mortgage conditions for letting the property should be referred to New Business Department, Foundation Home Loans, 5 Arlington Square, Downshire Way, Bracknell, RG12 1WA
email: FHL@foundationhomeloans.co.uk
Tel: 0344 770 8033

Firms authorised on the Paratus 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 Paratus after completion

In addressing the question whether the bank requires a counterpart letting agreement to be sent Paratus specifically states:

No.

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 Paratus 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 Paratus panel or a buy to let mortgage broker click here.