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Posts Tagged 'ILA'

Personal Guarantee Cost

Ouch. Four directors, three properties and one lender. Cost for Independent Legal advice £300 per person per property – £3,600 in total.

Always make sure that independent legal advice is included within the legals quote for a limited company BTL mortgage.

Lenders are usually happy for the company’s solicitor to do this, however most solicitors class it is a conflict-of-interest and refuse. Make sure this is covered before solicitors are instructed.

Searchlight Finance Limited is registered in England and Wales No.07929050 Searchlight Finance Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (http://www.fca.org.uk/register) under reference 743220. The FCA do not regulate Business Buy to Let Mortgages or most Commercial Mortgages and Bridging Finance. ICO Number Z3109319. Your property may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.