Buy to Let - State Bank of India UK Conveyancing Requirements for Properties Let at Completion

State Bank of India UK legal requirements are set out 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 State Bank of India UK as to whether State Bank of India UK lend on "buy-to-let" premises and that the loan is for that purpose.

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Last updated on 01/12/2023 Section Two of the UK Finance Lenders’ Handbook for State Bank of India UK 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 State Bank of India UK lend on buy-to-let

As 1.11a.
Please note that we currently only lend on buy-to-let property.

Sale and rent back is not acceptable.

Any existing or proposed letting must comply with our Buy to Let Mortgage Conditions and the Special Conditions relating to tenancies.

If 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 State Bank of India UK mortgage offer or any consent to let State Bank of India UK issue. If the letting fails to comply, or no such details are mentioned, you are obliged report the position to State Bank of India UK

Part 2 of the UK Finance Lenders’ Handbook for State Bank of India UK deals with 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:

As 1.11a.

Property lawyers on the State Bank of India UK 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 State Bank of India UK after completion

In addressing the question whether the bank requires a counterpart tenancy agreement to be sent State Bank of India UK says:

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 State Bank of India UK 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 State Bank of India UK panel or a buy to let mortgage broker click here.