Jump to content

Independent Legal Advice on Personal Guarantee for a Mortgage


Recommended Posts

Hi There,

 

we have a property that we own in a Ltd Company and are now in the process of mortgaging.  As part of the mortgage offer we are having to provide personal guarantees for the Ltd Company which is all fairly standard I believe.  The Mortgage provider has requested that we seek independent legal advice before signing the guarantee documents and have this evidenced, the solicitor dealing with the mortgage for us claim they are unable to do this and that we need to find another solicitor to provide this.  I have only had one quote from a solicitor we have previously used which has come in at a whooping £500 +vat, I am waiting for a few other solicitors to come back to me.  For context our mortgage broker thinks this should cost £70 and be quite straight forward.

 

So, has anyone else had to go through this process?  How much should I expect to pay for this advice?  And is there a decent solicitor out there that you would recommend I contact?

 

Thanks

Link to post
  • 4 weeks later...

Hello David, 

 

I am in a similar situation. How much did you pay for the legal advise on the guarantee and who did you use?

 

Also the lenders need a fixed & floating charge on the company. Is that a standard norm and when you go to buy a second property will that be a problem?

 

Any help is greatly appreciated.

 

regards

Suhu

 

Link to post
  • 6 months later...
  • 3 weeks later...
6 hours ago, l dominic said:

No. This is not a fixed charge. I have been charged by 1200 by one solicitor and 75 incl VAT by another one.

 

Hi Dominic,

 

Coiuld you please  share the details of the solicitor who charged 75+vat for the legal advise. This is a very attractive price as per the current market.

 

Thanks,

Chiran

Link to post
  • 4 weeks later...
  • 5 weeks later...
  • 1 year later...

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...