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  • Buy-to-Let

    Personal Guarantee Independent Legal Advice

    Good afternoon Gosling

    i am going through the same and I wondered if you had any success with the above suggestion?

    Thank you


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    Hi Konstantinos,

    I did have some luck with this and managed to get the price down to £120 (incl. VAT). You'll need to do two things: firstly, take the time to approach a good few solicitors (I went out to seven in total) as the prices for this seem to vary wildly from company to company. The second is to position it with them as witnessing the signing of the deed of guarantee & providing a confirmation of advice certificate- rather than explanation of the innerworkings of the guarantee.

    That's what worked for me. Cheers.

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    Hi n_landlord,

    Yes that was pretty much the process I underwent last time: Solicitor witnessed me sign the Deed of Guarantee & Indemnity and the Legal Advice confirmation- and explained the terms. 

    Given that I've already been through the process before, won't need the terms re-explained, just the witnessing aspect.

    Can you share the names of the cheaper end solicitors you used?


    THanks


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    n_landlord is quite right.  PGs are a big part of my business so I do shop around when I need one.  I have once paid £500 (in Cheshire) and that was several years ago.  I am now more cautious.

    From the lawyers' point of view they do have a liability to make sure you understand what you are signing and they have to have proper PI cover; if you are a novice they may be more wary than some borrowers who do them frequently.



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    Think i paid 20 quid, I am in the process too of buying a 2nd property via spv and it really is a joke the way they make it more complicated than it needs to be. I was planning on staying with the same mortgage company to try to ease the pain but it seems more painful than the 1st  one which only completed on Friday.

    I may go back to buying in personal name and take the tax hit

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    Slowly working towards financial freedom


    Keep it personal

    my wife and I run a company alongside personal BTL

    and when I look at the facts a company formation pays more tax

    I call it a company straight jacket

    my wife takes a low salary and the company pays into my pension

    after that taxation is high if you go above taxation limits

    if I stay personal I get S24 hit

    if I go company I’m in a straight jacket

    this is the very reason I will no longer leverage to grow a bussinss

    I would rather invest in high yielding shares via an ISA

    with a lot less stress and effort and work and fees

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.


    Agreed, although my circumstances mean urs better for me to recycle cashflow into other property at the moment as I'm high rate tax payer so this enables me to invest without taking the money out of the trading company. At least until I finish work and then can change the spv structure.

    As ever it's not one size fits all

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    Slowly working towards financial freedom


    They have you one way or another in this game

    it was so easy before S24 now we are all going to pay more tax at the end of the day

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.


    Hi Mason- which firm did you use for the £20 advice? Would be keen to talk to them.


    Cheers

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    To be honest I have no idea, I was on holiday for a week around stratford so I just found one online and  called around to his house. I emailed the doc to him and he printed it, signed some thing to say I understood etc. And I went back to my holiday

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    Slowly working towards financial freedom