Spotlight on Buy To Let and Ltd Company Buy to Let

Laila Abbas & Sonia Bains from LPL Solicitors

With a combined experience of 11 years, two experts from LPL Solicitors have taken part in our BTL Q&A.

Q: Could you tell us about the BTL team at LPL?

A: At LPL, we pride ourselves on our team’s combined experience of 11 years in BTL (Buy-to-Let) cases. Our online-based firm handles a multitude of cases with a focus on personalized service. Each team member is dedicated to specific cases, ensuring specialised attention and expertise.

Q: Can clients choose a specific individual to handle their case?

A: Yes, clients have the flexibility to specify which individual they would like to have oversee their case.

Q: How does the approach to a BTL case differ from handling a residential case?

A: BTL cases require specific considerations such as ensuring tenants remain in situ upon completion, which might necessitate additional inquiries with the seller’s solicitors and disclosures to lenders. A BTL Mortgage Deed and checks for HMO (Houses in Multiple Occupation) compliance are also essential.

Q: Are landlords able to have an introductory call when instructed?

A: Absolutely. We encourage landlords to have an introductory call to address any questions and clarify details about the case.

Q: What is the frequency of updates provided to introducers?

A: We aim to provide weekly updates to our introducers to keep them informed throughout the process.

Q: What is the response time to queries from introducers?

A: We usually respond to queries from our introducers within 48 hours.

Q: Why should an introducer choose LPL for BTL conveyancing on eConveyancer?

A: LPL is recognized for our efficiency, straightforward communication, and modern approach to conveyancing. Our expertise in BTL cases makes us a top choice on the eConveyancer platform.

Special Considerations for Ltd Co BTL

Q: What are the key differences when handling conveyancing for a Limited Company BTL?

A: Conveyancing for Limited Company BTL involves additional steps such as requiring independent legal advice for personal guarantees, signing of the Mortgage Deed by the company director, and potentially amending the Articles of Association. Additional fees for company searches and the registration of lender’s charges at Companies House are also applicable.

Q: Can a firm act on both the sale and the purchase for a personal to Ltd Co BTL case?

A: No, due to a potential conflict of interest, a firm cannot act on both.

Q: Does the conveyancer assist with setting up the company or SPV (Special Purpose Vehicle)?

A: No, company or SPV setup must be handled by the client’s accountant.

Q: Will the conveyancer handle tax questions?

A: Clients need to seek independent taxation advice as our conveyancers do not assist with tax questions.

Q: What could delay a Ltd Co BTL case?

A: There are no specific blockers, but there are additional steps and checks, such as proof of funds and managing any floating charges, that could extend the process slightly.

Q: Are there unique lender requirements for Ltd Co BTL cases?

A: Yes, lenders may have specific requirements regarding the source of funds and the management of any floating charges, which must be addressed accordingly.