Choosing the Right Solicitor for Property & Lending Transactions

Choosing the right solicitor for property and lending transactions is crucial for a smooth and efficient process. Our tips (below) provide a comprehensive guide to selecting a solicitor, who is not only experienced in dealing with alternative lenders and conveyancing, but also capable of handling the specific needs of your transaction promptly and effectively. 

1. Expertise in Property Lending and Conveyancing

Specialisation is Key: The complexity of property transactions, especially those involving alternative lending structures and SPVs (Special Purpose Vehicles), requires specialised legal knowledge. It's important to select a solicitor, who not only understands the legal landscape, but is also used to liaising with lender’s solicitors and understands their documentation and legal requirements.

Past Performance: Ask for case studies or references from past clients who had similar needs. This will give you an insight into the solicitor's ability to handle transactions similar to yours.

2. Seeking Recommendations

Professional Networks: In addition to personal contacts, consider reaching out to professional associations or networks related to property and finance. They can offer recommendations for solicitors who specialise in these areas.

3. Assessing Capacity

Direct Communication: When discussing your needs, directly ask about the solicitor's current workload and how they prioritise tasks. This can give you a clear picture of their capacity and dedication to your case.

Team Support: Understand who else might be working on your case and their expertise. In mid-size firms, it's common for a team to handle different aspects of a transaction, which can be beneficial for complex deals.

4. Transparent Fees

Detailed Quotes: Request a detailed quote that breaks down all potential costs and fees associated with your transaction. This should include any additional charges that might arise during the process.

Comparison: It's wise to compare quotes from several solicitors to ensure you are receiving a fair and competitive rate. However, remember that the cheapest option is not always the best when it comes to legal services.

5. Emphasising Speed

Proactive Steps: Before engaging a solicitor, prepare as much documentation and information as possible. This proactive approach can save valuable time once the transaction process begins.

Regular Updates: Agree on a schedule for updates and milestones with your solicitor. This keeps the transaction moving and allows for the identification and resolution of potential delays promptly.

Additional Considerations:

Technology Use: In today's digital age, solicitors who utilise technology effectively can streamline processes. Ask potential solicitors about their use of legal tech for document management, communication, and transaction management.

Cultural Fit: The solicitor-client relationship is pivotal. Choose someone who communicates in a way that aligns with your preferences and understands your business philosophy.

By following Onate's tips and considering these additional insights, you'll be well-equipped to choose a solicitor who can efficiently and effectively handle your property and lending transactions. 

This careful selection process not only ensures a smoother transaction but can also establish a valuable relationship for future needs.

For more information, please contact:

John Ring | john@onate.com | 0878305276 or Michael Gavin | michael@onate.com | 0851454200