20 Jun 2008 12:00 AM:
Hi everyone,
A bit of advice would be much appreciated!
We are purchasing two apartments on United Golf Resorts La Tercia with the primary aim of renting them. We have completed on one of them and negotiated our legal fee down to 1.5% of the purchase price from 3%. Even the lower rate seemed high to us, but at least it was a 50% cut! Our solicitors are PSI.
We recently had the breakdown for the second apartment showing 3% legal fees again. We have questioned this, pointing out that we would have thought that this should be a simpler purchase as there is no mortgage involved. This is their reply:
"On the matter of the PSI legal fee please be advised that your first property had a Spanish mortgage which means that our fee was reduced due to the mortgage provider making the tax payments for the purchase. However your second property for us will entail more work for us as there is no mortgage provider to make the work."
Is this true or a load of baloney!
Look forward to hearing from someone out there! Thank goodness for this forum!
Kind regards,
Lynn & John
Thread:
Solicitors fees
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