Landbay has announced it is offering free title indemnity insurance which the buy-to-let (BTL) lender suggested could speed up the legal process “dramatically”.
The lender will be one of only a few BTL sector lenders to offer title insurance on all its BTL remortgages that meet the required criteria. Landbay said its title insurance will be available on qualifying remortgages up to £1m and to 75% LTV.
Having title indemnity insurance takes away the need for lenders to carry out additional searches, speeding up the mortgage process and the time to completion.
Landbay suggested that providing title indemnity insurance can be a key way for intermediaries to help their clients when speed is of the essence, with improved turnaround speeds also providing a longer-term alternative to bridging finance.
“Offering free title indemnity insurance on remortgages will decrease the amount of time it takes for the remortgage to go through, which means that landlords and investors may have faster access to additional finance should they need it,” said Landbay managing director of intermediaries, Paul Brett.
“For intermediaries, it also provides the opportunity of highlighting the importance of title indemnity insurance to their clients to ensure they are protected against all eventualities.”
TWM Solicitors LLP partner and head of lending department, Julian Sampson, commented: “Title insurance, used effectively by a lender, can be a significant positive for any pipeline – both in terms of speed and cost.
“Many property owners will focus on the more obvious benefits in search savings, but in the specialist lending market there is also comfort to be had from the mitigation of risk in some of the trickier areas that sometimes blight investment properties – including planning use, structural alterations and conversions, as well as remediating leasehold defects.”
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