Legal Fees for Remortgage

Hi Team, I understand that Legal fees when purchasing a property can be claimed when the property is sold. Legal fees incurred for remortgaging a property already purchased, can this be claimed in the Financial Year the legal costs are incurred ? The legal fees will be wholly and exclusively for the rental property. Basically, if I remortgage a Buy to Let and I have to pay £700 to the Solicitors, I can claim £700 against the legal fees, is this correct? Thanks, Carmen.

Hi,

If the costs are incurred in obtaining finance for the rental business, provided they relate wholly and exclusively to the letting property, they are deductible. 

You can find guidance here:

PIM2105 - Deductions: main types of expense: fees for loan finance and similar items
BIM45815 - Specific deductions - incidental costs of loan finance: expenses allowable

Thank you.