Buy to Let - Principality Building Society Conveyancing Requirements for Properties Let at Completion

Principality Building Society legal requirements 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 tenanted or is to be let at completion then you must check with Principality Building Society as to whether Principality Building Society lend on "buy-to-let" properties and that the mortgage is for that purpose.

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Previously updated on 05/11/2019 Part 2 of the UK Finance Lenders’ Handbook for Principality Building Society 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 Principality Building Society lend on buy-to-let

Mortgage New Business
PO Box 89
Queen Street
CARDIFF
CF10 1UA
0330 333 4021

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 Principality Building Society mortgage offer or any consent to let Principality Building Society issue. If the letting does not comply, or no such details are mentioned, you are obliged disclose the position to Principality Building Society

Part 2 of the UK Finance Lenders’ Handbook for Principality Building Society 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:

Mortgage New Business
PO Box 89
Queen Street
CARDIFF
CF10 1UA
0330 333 4021

Property lawyers on the Principality Building Society 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 Principality Building Society after completion

In considering whether the bank requires a counterpart tenancy contract to be sent Principality Building Society specifically states:

No, please pass to the borrowers for safe keeping

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 Principality Building Society 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 Principality Building Society panel or a buy to let mortgage broker click here.

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