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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
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Searchlight Finance Ltd is authorised and regulated by the Financial Conduct Authority reference 743220.
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That looks a little toppy to me. I would expect to pay around £750.00.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
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