The commercial mortgage process is notorious for the long; drawn out manner they can take, making residential mortgages seem easy by comparison. Everything from securing the funding, to building surveys and insurance takes at least twice as long to set up and complete and that's before we even consider the mountain of legal paperwork to wade through.
Consequently, finding an experienced, reliable and affordable property solicitor is an important part of the purchase process. A commercial property deal throws up many legal issues and so it is vital that you have the right team on board. Our guide will help you find the right property solicitor for you.
Regulation: Solicitors are regulated by the Solicitors Regulatory Authority. So, when choosing a solicitor, make sure that they are correctly regulated and correctly insured. Failure to do so may mean that you have no recourse should problems arise after completion which the solicitor should have dealt with. Finding a correctly regulated solicitor will give you the peace of mind you need.
Locals: While you might feel more important and reassured having a large national or international law firm representing you, they are very rarely the best choice. Turning to a smaller, local practice will mean you have solicitors who are very experienced in the local property market, they will know which searches to do, local rates and bye laws to be aware of and know the regions property market inside out. They will see all the problems two steps ahead as they know the area better than any big name law firm ever could, no matter how brilliant the solicitor could be.
Cost: While you want someone local, that doesn't mean to go for the lowest denominator, in other words the cheapest solicitor you can find. You will want someone you can trust and who will put the hours in to get the job done, and in most cases the cost reflects the quality. Talk to a number of firms and treat it as an interview to see what services they will offer during the process and pick the one that suits your requirements.
Solicitors' fees can vary from a few hundred to several thousand pounds. They also often charge 'disbursements' including VAT and local searches. Speak to several forms about the specific property you are buying to determine what fees would be applicable.
When you appoint a solicitor, they are obliged to provide you with a schedule of costs and an estimate for how much your specific transaction will be. So, make sure that you understand how a solicitor's fees work and what you can expect to pay in total. Even large solicitors are prepared to discuss fees with you and so don't be afraid to thrash out the issue of fees before you formally appoint a commercial property solicitor.
Experience: Many firms and solicitors will be experts in niche areas, even within the commercial property sector, so find out what experience they have and if it will be major benefit to you and your transaction. Doing background research yourself should be simple enough, either through the SRA or Law Society for qualifications and experience, even LinkedIn might have the answers you seek.
Good service is also important if you are paying significant legal fees so be sure that you will receive the level of service that you expect. For example, will your transaction be dealt with by the solicitor themselves or by a team of junior staff? Who do you call if you have any queries? Who will look after your commercial purchase in the senior solicitor's absence? Make sure you have answers to all these questions.
Just as there are lots of commercial mortgage lenders out there; there are also lots of commercial property solicitors. Picking one can be vital to the success of your purchase and so take plenty of time to research the market in order to find the right solicitor for you.
Consequently, finding an experienced, reliable and affordable property solicitor is an important part of the purchase process. A commercial property deal throws up many legal issues and so it is vital that you have the right team on board. Our guide will help you find the right property solicitor for you.
Regulation: Solicitors are regulated by the Solicitors Regulatory Authority. So, when choosing a solicitor, make sure that they are correctly regulated and correctly insured. Failure to do so may mean that you have no recourse should problems arise after completion which the solicitor should have dealt with. Finding a correctly regulated solicitor will give you the peace of mind you need.
Locals: While you might feel more important and reassured having a large national or international law firm representing you, they are very rarely the best choice. Turning to a smaller, local practice will mean you have solicitors who are very experienced in the local property market, they will know which searches to do, local rates and bye laws to be aware of and know the regions property market inside out. They will see all the problems two steps ahead as they know the area better than any big name law firm ever could, no matter how brilliant the solicitor could be.
Cost: While you want someone local, that doesn't mean to go for the lowest denominator, in other words the cheapest solicitor you can find. You will want someone you can trust and who will put the hours in to get the job done, and in most cases the cost reflects the quality. Talk to a number of firms and treat it as an interview to see what services they will offer during the process and pick the one that suits your requirements.
Solicitors' fees can vary from a few hundred to several thousand pounds. They also often charge 'disbursements' including VAT and local searches. Speak to several forms about the specific property you are buying to determine what fees would be applicable.
When you appoint a solicitor, they are obliged to provide you with a schedule of costs and an estimate for how much your specific transaction will be. So, make sure that you understand how a solicitor's fees work and what you can expect to pay in total. Even large solicitors are prepared to discuss fees with you and so don't be afraid to thrash out the issue of fees before you formally appoint a commercial property solicitor.
Experience: Many firms and solicitors will be experts in niche areas, even within the commercial property sector, so find out what experience they have and if it will be major benefit to you and your transaction. Doing background research yourself should be simple enough, either through the SRA or Law Society for qualifications and experience, even LinkedIn might have the answers you seek.
Good service is also important if you are paying significant legal fees so be sure that you will receive the level of service that you expect. For example, will your transaction be dealt with by the solicitor themselves or by a team of junior staff? Who do you call if you have any queries? Who will look after your commercial purchase in the senior solicitor's absence? Make sure you have answers to all these questions.
Just as there are lots of commercial mortgage lenders out there; there are also lots of commercial property solicitors. Picking one can be vital to the success of your purchase and so take plenty of time to research the market in order to find the right solicitor for you.
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