Landbay is now offering free-of-charge title indemnity insurance, with a view to significantly speeding up the legal process.
Landbay, one of the only lenders in the buy-to-let sector to offer title Insurance on all of its buy-to-let remortgages that meet the required criteria, is hoping to speed up the mortgage process and the time to completion, by introducing title insurance, which takes away the need for lenders to carry out additional searches.
The title insurance will be available on qualifying remortgages up to £1m and to 75% loan-to-value (LTV).
Providing title indemnity insurance can be a key way for intermediaries to help their clients when speed is of the essence, helping to potentially provide a longer-term alternative to bridging finance.
Paul Brett, managing director of intermediaries, at Landbay, said, “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.
“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.”
Title insurance, used effectively by a lender, can be a significant positive for any pipeline – both in terms of speed and cost, according to Julian Sampson, partner and head of lending department at TWM Solicitors LLP.
He commented: “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.
“Landbay is an experienced lender and we are looking forward to extending the best use of title insurance to them to provide very real benefits to the borrowers and intermediaries alike.”