June 2019
By Jayne Kemsley, Partner at Thrings Solicitors
Over the course of my 25 years as a property lawyer, I have seen at close quarters just how beneficial a healthy working relationship between a lender or borrower and their legal advisor can be.
Case in point: Thrings happily received notification from one of its lender clients who was looking to get a new loan for a borrower across the line quickly. Not only did the borrower have time constraints, but they were also struggling with their usual solicitor who was evidently in no rush to settle matters.
The borrower asked our lender whether Thrings could act for him rather than for the lender. Recognising that this scenario could benefit everyone, the lender appointed another of its panel firms, leaving Thrings to accept instructions from the borrower.
Being already aware of the lender’s mortgage enquiries and requirements enabled us to obtain documentation and information from the borrower before the lender’s solicitors had asked the questions. The borrower met us in London to sign the security documents. Being able to advise on the security documents concisely meant we were able to facilitate completion of the loan for the borrower within four days of being instructed. The net result? A more than satisfactory outcome for the borrower and lender alike.
Knowing what is important to a lender - what the documents say, how they should be executed, what information the lender needs - can only speed up the mortgage process. Working with solicitors you know enhances the experience for lenders and borrowers. Ultimately we all want to provide clients with an excellent and speedy service for this type of transaction, whether we’re acting for the lender or the borrower.
Another example: we have a borrower client organising finance for four properties with one of our lender clients. Being able to obtain information and documentation from the borrower to move the transactions along quickly effectively gives us a head start.
It is undoubtedly beneficial to lenders and borrowers where solicitors are familiar with their (the lenders’) standard documents and usual requirements. Time and again we run into issues with borrowers’ solicitors who, it seems, fail to appreciate some of the challenges involved in a deal, whether it’s underestimating how long the process takes to request for third parties to receive independent legal advice on guarantees or subordination deeds.
As we know, a property transaction seldom requires support from just one team. There have been numerous examples of Thrings’ property team being supported by their colleagues in banking, corporate, planning, property litigation, employment and tax from our offices in London, Bristol, Bath, Swindon and Romsey.
Property transactions can often be challenging affairs for all involved. It’s also fair to say that no deal is ever truly the same: sometimes you don’t know what you’re going to get or what will come to light on investigation.
But a close working relationship between the lawyer and their client - and with their own colleagues - can often prove decisive when it comes to getting the deal done.
For more information visit https://thrings.com/