The right solicitor
Continuing from our earlier piece titled “Legal Work | Liz Syms Exclusive: When Conveyancing Goes Wrong Uncovered,” we aim to provide a balanced perspective. Let’s delve into the crucial role of the right solicitor in ensuring a successful mortgage completion.
In the wake of the ongoing pandemic, the mortgage market has been under the spotlight. This exposure has revealed the often sluggish and intricate processes involved. It’s commendable to witness advisers and mortgage lenders embracing innovations like electronic ID and desktop valuations. These innovations aim to streamline the processes significantly.
Nevertheless, the pressing stamp duty deadlines have highlighted the challenges solicitors face. These challenges reveal some outdated and time-consuming procedures within the legal aspects of transactions.
Advisers must be pivotal in guiding clients through this maze and ensuring a smooth experience. They play a crucial role in helping clients select the right solicitor, especially in complex transactions or situations where tight deadlines must be met.
Assessing the solicitors
A crucial starting point is assessing the solicitor’s capacity to handle the task at hand. Advisers can empower their clients to inquire about the solicitor’s ability to meet deadlines. They should also ask about the existence of contingency plans in case of capacity issues. A solicitor needs to have both expertise and the resources to navigate challenging timelines.
In addition to evaluating capacity, advisers can further assist their clients by exploring the solicitor’s adaptability to modern technologies. Emphasising the importance of a tech-savvy approach is key. Advisers can guide clients to seek solicitors who leverage electronic tools and digital platforms. These tools can expedite processes and enhance efficiency.
Advisers can play a pivotal role by actively engaging with these considerations. They ensure that their clients choose a solicitor with the right expertise and one who aligns with the contemporary demands of a rapidly evolving mortgage market.
Choosing the right solicitor
Has the solicitor embraced any technology to aid the process? Look for signs of adaptation. A dedicated portal for tracking your case or a preference for email over traditional mail are good indicators.
Assessing Service Standards
To evaluate a solicitor’s service standards and ensure you’re working with the right one, consider testing their responsiveness. Send an early email and note their reply speed.
Resolving Issues Promptly
Furthermore, make phone calls to assess the solicitor’s willingness to resolve issues promptly. Written communication may sometimes fail to address problems comprehensively, causing unnecessary delays. A simple phone call can quickly resolve issues, ensuring your application’s smooth progression.
Confirming Lender’s Panel Status
Avoid potential setbacks by confirming that your solicitor is on the lender’s panel at the start of the legal process. Lenders often restrict the choice of solicitors they work with. Having a solicitor on the lender’s panel allows for “dual representation.” This means the solicitor can represent both your interests and the lender’s, streamlining the process and saving time.
Benefits of Dual Representation
Opting for a solicitor on the lender’s panel results in a single legal bill for the client. It also eliminates the need for coordination between two solicitors working on the same transaction.
Ensuring Efficiency
Choosing the right solicitor with these considerations in mind ensures a more efficient and seamless legal experience.
Navigating dal representation challenges in specialised BTL markets with the right solicitor
Dual representation is common in residential and mainstream Buy-to-Let (BTL) transactions. However, specialised BTL niches present a nuanced landscape. Some emerging specialist BTL lenders offer only two or three solicitors for clients choosing dual representation. This poses a unique challenge, especially in complex markets like bridging or commercial financing.
Unlike the easily accessible dual representation in residential and mainstream BTL, bridging or commercial transactions often face obstacles. The lack of widespread dual representation options in these markets demands careful solicitor selection. Choosing a solicitor who understands the product type’s intricacies and is familiar with the specific lender is crucial.
Speed is vital in bridging transactions, where lenders are known for their rapid pace. However, legal processes can cause delays, counteracting the purpose of a bridge loan. To mitigate this risk, brokers guide clients to solicitors familiar with the demands of bridge or commercial loans. This ensures a smoother, more efficient transaction.
Solicitors face different inquiries in bridge or commercial loan scenarios compared to residential loans. Thus, selecting a solicitor with expertise in these specialised areas enhances the likelihood of a seamless transaction.
Various software solutions are available to advisers for solicitor referrals. However, prioritising quality over cost is essential. Choosing the cheapest option may not yield the best results. Advisers should consider a solicitor’s experience, service quality, capacity, and recommendations.
This comprehensive approach ensures that both the adviser and client move swiftly towards completing the transaction confidently and efficiently.