Transfer to a limited company

If your client wants to transfer their buy to let property to a limited company or limited liability partnership, Kent Reliance can help.

How it works

  • New and existing Kent Reliance customers can now transfer their property from their sole name to a limited company SPV (Special purpose vehicle) or limited liability partnership (LLP).
  • If your client currently has a Kent Reliance mortgage it will be closed and a new account opened.
  • Any early repayment charges (ERCs) applicable to the existing mortgage account will be waived.
  • Your client chooses a new product from our existing customer specialist buy to let range:
    If they are currently on a fixed rate, they must choose a new fixed rate from the range. If they are on a variable rate with no ERC, the full range is available.
  • A gross procuration fee of 0.25% will be paid if an Intermediary is used to arrange the transfer for an existing Kent Reliance mortgage customer. New business procuration fees will paid as usual for new to Bank applications.
  • The client can borrow funds for the Stamp Duty, Capital Gains Tax and legal costs, and then add it to the loan subject to current affordability and product LTV limits. Note: If the loan is to be increased, the application will be underwritten to confirm the new loan fits within affordability requirements.
  • Where no additional borrowing is being sought, the affordability assessment will be made against their pre-existing requirement.
  • Your client must have had no arrears in the last 12 months.
  • The new limited company or LLP cannot contain any directors, shareholders or partners who were not individual parties on the original loan.
  • We will accept a director’s loan or gifted equity for the difference between the new loan amount and the value of the property. To protect the Bank’s position, appropriate assurances must be provided by the borrower.
Kent Reliance does not provide tax, legal or accounting advice. Your client should consult their own professional advisers before engaging in any transaction.

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