UK Landlord Forum / Life

Morning all,

I've decided to remortgage to get some extra funds to do work on the property I want to let out...

I will be changing it to a BTL mortgage, couple of questions really...

1, Is it ok to use a online conveying service? And has anyone used them before...

2, am I right in thinking the cost of this is classed as a expense that is tax deductible???

Thanks

1. Yes it is OK but there are a lot of very dodgy outfits and you have to realize a conveyancer is a low trained person when compared to a solicitor and usually operate on a checklist basis.  Anything out of the ordinary and they will be beyond their abilities.  Also I have had very bad experience through a firm that basically took on more business that it could handle and ended with me making a trip to their offices (300mile round trip)  not happy.

You might consider using the recommended conveyancer from your mortgage broker firm.  I use L&C for the mortgage and their conveyancers Premier Property Lawyers.  The benefit is that the mortgage broker who has a lot of sway with the conveyancer (as they provide a lot of business) is also on your side to get the deal to go through (and collect their commission) so you have someone else to chase the conveyancer down for you.

In any case never forget the golden rule: Never trust anyone... even solicitors are prone to making mistakes and oversight so check everything yourself.


2. Yes the fees of the BTL and refinancing are deductible.  See http://www.hmrc.gov.uk/manuals/pimmanual/pim2066.htm.  (so long as you are not renting to a friend or family below market rent)

Best of luck.

Angry landlord thanks for the reply...

I've remortgaged with nat west and funny enough the firm you mention is premier property lawyers is the one I'm looking at using

Cheers

Enfieldone

Just to complete the conversation...there is a scam that is hitting on-line legal firms in particular whereby the lawyers/conveyancers bank account details change and such are communicated by email to the purchaser.  The purchaser sends the money to revised account only to find out the email didn't come from the lawyer.

This cant happen with Premier as all communication is done by through their secure system but if you choose someone else then do be careful...

Best of luck

Morning angry landlord just see your post sorry for slow reply...

Thanks for the warning of that..