So what do they need to do? Well, the first thing to say is that the borrower’s solicitor needs to make sure they fully understand what the lenders’ solicitors require, rather than just assuming the documents they have will suffice. For example – do they need a full suite of property searches? What are the lender’s insurance requirements? Do they have their credit report system or does the borrower need to provide this?
In order to make the process as quick and as smooth as possible, the borrower’s solicitor needs to try and provide all the documents from the outset to avoid a drip drip approach which wastes time and money.
If the solicitor is well experienced in bridging, they will know what to expect and understand they need to work quickly, but if they haven’t, they may need to get used to working in a way that they haven’t before.
More often than not the lender’s solicitor is the one driving the process and having to do a great deal of ‘hand holding’ when it transpires that the borrower’s solicitor is simply not equipped to deal with the bridging process.
And, while a High Street solicitor may offer a cheaper option, their lack of experience may actually lead to delays and higher costs in the long run. Bridging finance does not have to be complicated or cause undue stress, but it is different, so ensuring you have the right people for the job is really important.