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The Property Podcast

ASK215: My solicitor is limiting my mortgage options – What should I do? PLUS: Does a Limited Company purchase count towards Stamp Duty?

The Property Podcast

Rob Bence & Rob Dix

News, Education, Business, Investing, Business News

4.82K Ratings

🗓️ 3 December 2019

⏱️ 7 minutes

🧾️ Download transcript

Summary

Rob & Rob are back again this week to answer two more of your burning questions. The first caller this week is Sam who is stuck in limbo. She’s in a bit of a situation that you might not often find yourself in, but that doesn’t mean you might not be in Sam’s position at some point in the future.  Sam is using a certain solicitor, however the lender that she’s using for her mortgage isn’t on the same panel. So, in order to get the rate that she wants with this lender, she’ll end up paying extra legal fees.  She’s not 100% sure on how this works and if there’s a way to factor this into your costs or not.  So what advice can Rob & Rob offer to Sam?  Our second question this week comes in from Marcus from London. Marcus has a buy-to-let property in his personal name which he is about to move over into a Limited Company.  He’s wanting to understand the tax implications around this.  Essentially, once he’s moved the first property into a Limited Company, when he buys a second property in his personal name, will he still be seen as owning the first property and therefore end up paying double the stamp duty costs?  It’s a very clever tactic, but is it clever enough to avoid the stamp duty costs?  Tune in to find out.   Do you have a buy to let or property investment related question for Rob & Rob? You could feature on the next episode by giving us a call on 013 808 00035 and leaving a message with your name and question (normal UK call rates apply).    Or if you prefer, click here to leave a recording via your computer instead. The next question on Ask Rob & Rob could be yours.  Have you joined us over on the Property Hub Forum yet? Our online community is friendly, informative, and the members are waiting to welcome you with open arms. So get yourself over and introduce yourself. See omnystudio.com/listener for privacy information.

Transcript

Click on a timestamp to play from that location

0:00.0

Hi, I'm Rob. And I'm Rob. And this is Ask Rob and Rob.

0:05.2

Hello everyone and welcome to Ask Rob and Rob.

0:10.0

The show where you get your questions in and we get the answers in. And yes, the year is ticking along and yes, it is nearly time for Christmas and all the fun and excitement around that. But before we get there, we got the serious business of answering your property questions.

0:24.5

Yes we do and next year might be a new year and a new decade but we're not going to stop so get your questions in just give us a call on 01 one three eight oh eight triple oh three five that's

0:34.6

oh one three eight oh eight triple oh three five

0:37.1

leave us a voicemail there

0:38.6

or you can leave us that very same voicemail by going to property hub

0:42.1

dot net slash ask so now let's have a listen to same voicemail by going to Property Hub. Net

0:42.8

slash Ask.

0:43.8

So now let's have a listen to our first question today.

0:46.2

This one comes in from Sam.

0:48.6

Hi, Rob and Mob, it's Sam here.

0:50.5

Just funny to say I love the podcast and the content you guys put out it's so useful

0:54.4

so you get a five star for me. My question is about solicitors and lenders. The

0:59.2

solicitor I'm using is for a purchase but the solicitor is not on the panel for the lender so to get

1:07.4

the rate I want with the lender that I want I'll be looking at extra legal fees I

1:11.2

don't really know what all this is about and is there a way

1:13.9

to factor it into cost? Any advice would be great. I look forward to hearing your

1:18.8

thoughts. Thank you. Thank you, Sam, for the question. It's a good one and I feel your frustration.

1:24.8

There are enough challenges in the purchase process without having things like this going on,

1:29.4

but there always seems to be something around solicitors or mortgages or a combination of the two as you've got here.

1:36.0

For anyone who doesn't know, most lenders have a panel of solicitors who they will work with,

...

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