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I own an existing property outright but am looking at putting a mortgage on this property to raise a deposit for another one.
I thought the solicitors charges for this would be very low but have been quoted £900 plus a further £250 for searches and land registry fee. Is the 900 normal? I did not think i would need searches and land registry fee at all as I already own the property!
They are doing the searches for the Lender - which is providing you finance on the strength of that property.
The costs do not seem an unreasonable amount to me.
_________________________________________________________________________The above post is not financial advice, its often me rambling - passing time on a coffee break.If you are looking for the Best BTL Mortgage? Call the Specialist Team at Bespoke Finance._________________________________________________________________________
I don't know how much fees vary around the country but the fees on our 3 bed freehold BTL house one year ago were £660 if I rememeber correctly.
Some lenders insist on searches others accept insurance
Difficult to comment on cost as BTL, leasehold, if a limited company, lender dictate price.
I can get a BTL basic remortgage for £375 in personal name and freehold and that includes insurance instead of searches
Regards Simon Searchlight Finance
Fulfil Your Property Ambitions
Searchlight Finance Ltd is authorised and regulated by the Financial Conduct Authority reference 743220.
HMO Finance I Complex BTL I Bridging Finance I Development Finance
Buy to Let I Portfolio Finance I Commercial Mortgages
That looks a little toppy to me. I would expect to pay around £750.00.
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