Precise Mortgages believes the move will significantly reduce the time it takes to complete the legal process on a bridging deal, whilst halving the cost to the borrower.
For a typical £250,000 property the legal work will cost £599 (plus VAT and any disbursement costs) using the new joint legal representation service.
Alan Cleary, managing director of Precise Mortgages says:
“In my experience when there are two solicitors involved it is time consuming and can cost the borrower double, our new innovative service is good news for borrowers and brokers. Joint representation is common practice in traditional long-term residential lending, why shouldn’t we follow the same model in the bridging market.”
