A Guide To Choosing A Commercial Property Solicitor
Choosing the right commercial property solicitor can make or break your property deal. Just as finding the right commercial mortgage lender is key to financing your transaction, finding the right legal representation can be critical to a smooth purchase.
Consequently, finding an experienced, reliable and affordable property solicitor is an important part of the purchase process. A commercial property deal throws up many legal issues and so it is vital that you have the right team on board. Our guide will help you find the right property solicitor for you.
Regulation: Solicitors are regulated by the Solicitors Regulatory Authority. So, when choosing a solicitor, make sure that they are correctly regulated and correctly insured. Failure to do so may mean that you have no recourse should problems arise after completion which the solicitor should have dealt with. Finding a correctly regulated solicitor will give you the peace of mind you need.
Location: A locally based solicitor is likely to know more about the property, the local area and any local searches that may be required. Whilst solicitors in other towns may be able to undertake the work for you, they may not boast the same level of local knowledge as a solicitor in your vicinity.
Cost: With many things in life, you get what you pay for. So, whilst it is clearly important that you find a solicitor within your budget, simply hiring the cheapest option may not be the best course of action. Speak to several solicitors to find out what you get for your fee and pick one that is the best value for money; not just the cheapest.
Solicitors' fees can vary from a few hundred to several thousand pounds. They also often charge 'disbursements' including VAT and local searches. Speak to several forms about the specific property you are buying to determine what fees would be applicable.
When you appoint a solicitor, they are obliged to provide you with a schedule of costs and an estimate for how much your specific transaction will be. So, make sure that you understand how a solicitor's fees work and what you can expect to pay in total. Even large solicitors are prepared to discuss fees with you and so do not be afraid to thrash out the issue of fees before you formally appoint a commercial property solicitor.
Experience: Appointing a solicitor with experience can make a huge difference to the smooth progression of your purchase. So, ask solicitors what specific experience they have dealing with the type of property that you are buying. If they haven't dealt with that type of property before, consider finding a solicitor who has.
Good service is also important if you are paying significant legal fees so be sure that you will receive the level of service that you expect. For example, will your transaction be dealt with by the solicitor themselves or by a team of junior staff? Who do you call if you have any queries? Who will look after your commercial purchase in the senior solicitor's absence? Make sure you have answers to all these questions.
Just as there are lots of commercial mortgage lenders out there; there are also lots of commercial property solicitors. Picking one can be vital to the success of your purchase and so take plenty of time to research the market in order to find the right solicitor for you.
About the Author:
Howard O'Gollegos writes for Just Commercial Mortgages the UK's No1 site for the latest commercial mortgage rates and commercial property finance news.
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