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Hi,

I bought a BTL property last year via an SPV and paid £500 + VAT for independent legal advice for the personal guarantee.

I'm now on BTL no.2 and would absolutely love to avoid being robbed at daylight this time round!

Can anyone suggest and London based solicitors (or national ones offering the service via Skype) that can give advice at a reasonable price?

 

Thanks

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Whilst it's probably just half an hour on a call it's also the legal compliance and indemnity protection that you are paying for, to be honest. So, whilst not cheap is probably (somewhat) necessary and more work/risk than what it appears. A lower cost solicitor is Sam Hawking but any new solicitor is still also going to have to take you through a client set up process, including KYC and AML checks, so don't be too surprised if it costs the same again with a new solicitor.

Your existing solicitor may be able to do this for less now that you have been through the process with them once already? You could at least ask given they already know you, etc.

Best

Richard


Richard W J Brown a.k.a. The Property Voice

Property Investment Strategist

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The first one, the solicitor we were buying with sorted out access to another solicitor who did it for them. And they forgot to bill us afterwards :-))

For the most recent one, the mortgage company allowed our buying solicitor to also provide the independent advice - solicitor was a bit nervy, but spoke to the mortgage company and then did the independent bit for £150+VAT that was more like it.

Does all feel a bit pointless - "do you realise you'll be personally liable?" "Yes". Done. Would be good if you could just do it once for each mortgage company, but I've just accepted it as another cost of buying. 

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I think it is something that will eventually go. I've got a lender that will allow anyone over 18 and not family to witness a guarantee and another which will ask you if you want to waive getting the advice. If you are a fully involved director then I can't see the point of it.


Regards Simon

Searchlight Finance Ltd

T:01565 654005

Based in Cheshire and clients throughout the UK. Landlord and specialist property finance advisor only dealing with investors, landlords and developers.

Buy to Let - Commercial Finance - Bridging Loans - Development Finance - HMO Finance - Refurbishment Loans - Multi Let - Limited Company - Student Lets - Portfolio Finance

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So it definitely pays to shop around, and the cost seems to depend on how you position it with solicitors... 

The quotes have ranged between £100+VAT and £500+VAT- all for the exact same service (witnessing, explanation of terms & conditions, provision of an advice certificate, etc) **sighs deeply**

My overall 2 cents worth: shop around and if you've gone through the process before, definitely mention it!

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I'm coming to this thread a bit late, but I've just had this come up for my company Paragon BTL Mortgage and thought I'd share my experience.

I called quite a few law firms locally and found they either didn't want to take it on at all, or the quotes were ridiculous.. overall a v frustrating and time consuming exercise.

In the end I used a company called ILA-Connect which I found on Google www.ila-connect.co.uk is the website.  I did it as a Skype call with a solicitor on the day after I found them which was good in that I urgently needed to get it sorted to complete the purchase.. I had to pay £250 for the privilege which whilst a real pain, but tit was at least cheaper than what I'd found and, to be fair, I got it done quickly and found it generally a fast friendly service.

Hope this helps. 

Ryan 

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