May 2019
By Adam Tyler, Executive Chairman - FIBA
FIBA adding value through its Professional Partners Panel
FIBA members understand the importance of maintaining the highest of professional standards when dealing with their customers. It is the bedrock on which FIBA stands, as we engage with customers who need and expect the best service we can offer.
We are continually looking at ways we can help members fine tune the service they provide and one of the areas we have tackled is a common problem in many commercial property financing deals. One of the frustrations that advisers face is finding legal firms which actually have the relevant experience and expertise to deal effectively with the requirements for commercial or specialist property transactions.
Since FIBA was formed, we have had meetings with members, lenders, the wider adviser community and those lawyers who act for the lenders. We heard about many cases where customers were choosing law firms just did not have the necessary sector knowledge to provide an efficient and timely service.
After this consultation, late last year, FIBA launched its Professional Partners Panel, dedicated to providing members with a database of legal firms which could demonstrate the necessary knowledge and expertise to handle commercial, bridging and other specialist lending requirements. It has already been of particular value in helping members choose suitable legal representation for their customers.
By establishing our Professional Partners Panel of legal firms, FIBA members have at their fingertips, a powerful resource to match their choice of customer lending solution.
But to make it truly effective, it is vitally important that members feel confident to tell their customers that relying on their ‘family solicitor’ or just picking a name from the phone book can prove to be a false economy and actually lead to problems simply because the firm might not have the necessary skillset.
It also means that lenders’ legal teams have to work harder, handholding the customer’s choice of law firm, if they are not used to the particular vagaries of conveyancing commercial property. So, being able to offer a choice of legal firms, which have been vetted by FIBA in terms of competence and service, adds greatly to the ability of our members to ensure a smooth transaction.
Of course, some lenders will also offer dual representation as an alternative, where their law firm provides a service to the customer as well as acting on the lender’s behalf. Certainly, the advantage of potential cost savings might be of value, but it is still important to emphasise that every customer should be encouraged to seek independent legal advice to ensure that their interests are protected.
None of us go into the process of helping our clients purchase or remortgage commercial property expecting to deliver anything but the best service. However, making use of the Professional Partners Panel has already proved to definitely help FIBA members improve that service and lessen the instances of cases that fail to complete.
Our Professional Partners Panel is just one of the many advantages that FIBA membership offers. If members complete just one more case as a result of using the Panel in a year, it will more than pay for the annual subscription many times over. How is that for value?