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

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

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Last updated on 18/06/2024 Section Two of the UK Finance Lenders’ Handbook for ModaMortgages 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 ModaMortgages lend on buy-to-let

As per 1.11a.

Any existing or proposed tenancy must comply with the special conditions relating to tenancies. In any other case, please report to us (see 1.11a).

Applications which involve 'distressed sales' are not acceptable, i.e. to avoid repossession proceedings and/or sale and rent back arrangements, whereby the vendor will not vacate the property but will continue to reside.

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

Part 2 of the UK Finance Lenders’ Handbook for ModaMortgages 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:

As per 1.11a.

Where it is established that the property is not already let, then the appropriate condition will be imposed on the Offer to ensure that the conditions of the future tenancy comply with lending parameters.

Firms authorised on the ModaMortgages 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 ModaMortgages after completion

In considering whether the bank requires a counterpart letting agreement to be sent ModaMortgages 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 ModaMortgages 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 ModaMortgages panel or a buy to let mortgage broker click here.