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  • Buy-to-Let

    Personal Guarantee Independent Legal Advice

    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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    It’s another good reason to keep BTL personal

    the costs of running a company soon mount

    every which way you move costs more than personal BTL

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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.


    You've answered a question nobody here asked. But thanks for your input. Anyone else?

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    Your welcome glad to help

    I paid I think £50 in Newcastle when I did mine so you are being ripped off

    best of luck

    DL

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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.

    I did one recently in London (east) and paid £250 + VAT

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    Thankyou ncooper, could you share the name of the firm you used? Thanks

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    Magellan offer a 65% LTV product that doesn't require Personal Guarantees.

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    You can contact me via Direct Message, or 07788 219647 or call the team on 01206 654444 for personalised quote and advice

    Wow £500 is way to much.

    When i brought a property via a limited company, i asked around by searching solicitors online. some gave me quotes of £500 and some gave me quotes of £20, and that was in the London Westminister area. If you call around 5 - 6 different ones you are bound to find one that charges £20.

    You just need to tell them that you need them to witness a form signing, and that the form signing is for you to be a personal guarantor to your own limited company (SPV).

    If you tell them that you know what it means and that you have read the terms and understand that you are personally liable for anything that happens to the limited company (SPV), then that should be enough. If you don't understand that and need them to explain that to you, then they will probably charge you more for their time. (Which they will do by just reading to you the one or two page of bullet points on the form that you are signing).

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    Correction the soliticitors I used was £10.

    It was with a company called Astute legal solicitors in Westminster. I haven't used them for anything else, so can't recommend them for anything else apart from the personal guarantor service, but the person I dealt with seemed like a nice enough guy.

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