Professional Advice & Top Tips

Frequently asked questions regarding solicitors

It is recommended that you instruct your own solicitor. Some lenders may offer a dual representation service (acting for both sides). This is designed to save time and money.

The borrower is liable for the legal work carried out and is usually asked to pay their solicitor an undertaking for the costs agreed at outset.

This will depend on several things.

  • The communication from both sides, if the 2 solicitors communicate it will speed up the process.
  • Detailed responses will also save time if points are not relevant explain why not to avoid any doubt.
  • Make sure you respond quickly to your solicitor to avoid delays.

If you do the above it reduces the time it will take to complete, we have completed deals in 5 days but on average it will take 2-4 weeks.

  • Have they got experience in this sector (Bridging/ Development or Commercial Finance).
  • How many partners does the firm have (Most lenders require your solicitor to have a minimum of 3)
  • Are they SRA registered (Solicitors Regulation Authority).

Top tips

  • Always try to get a quote on a fixed basis to avoid additional legal costs.
  • Ask when the undertaking is required (This is to cover the work the lenders solicitor carries out even if the deal doesn’t complete).
  • Ask if the lender can use indemnity policies to save time (Commonly used in bridging finance if you own the property).
  • When the legals have been dealt with, ask how long it will be until the funds will be in your solicitors / your bank account.
  • Ask for a list of the lenders requirements before the loan goes into the final stages (Legal process). This will save time requesting any searches required / documents etc
  • Request the broker is copied in on all correspondence. We can help if issues come up or just generally help complete the transaction  

If you know what is required from the lenders solicitor, before it goes into the legal stage, you can save weeks of running around waiting on external searches. For example,  arranging EPC certificates, Asbestos Reports, Fire Risk Assessments (FRA’s), Planning Documents, to name a few.