Joint legal representation option for bridging at Precise
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From this Monday Precise Mortgages will allow bridging clients to choose the option of joint legal representation rather than the market norm of separate representation.
Precise says it believes the move will reduce the time it takes to complete the legal process on a bridging deal, whilst halving the cost to the borrower.
Using the the new joint legal representation service a typical £250,000 property the legal work will cost £599.
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.”
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