Bridging Loans with PLS Solicitors
At PLS Solicitors we believe we offer a fresh approach to residential property law. Our directors are heavily involved in how cases are processed and have a genuine interest in ensuring their clients receive a first class service at all levels. All team members have been through our in-house training programme which is led by the directors, to ensure the teams not only know what to do but also understand the importance of why they are doing it.
A bridging loan, is a short term loan used, to assist the purchase of a property. They are a short term solution to enable you to complete your property purchase.
Bridging loans are normally, used if you are nearing completion of a property purchase and you do not have sufficient funds to complete that purchase. This process also applies if you are selling one residential property and purchasing another and the purchase of your new property goes through before you can sell your current property.
Bridging loans are normally only used as a short term solution as bridging finance companies will generally charge higher rates of interest than an ordinary high street lender, they can take views which high street lenders cannot and tend to be quicker in releasing funds.
If you are taking out a bridging loan, this usually means that you need your transaction to be completed quickly.
We act for clients taking out bridging loans and also bridging loan companies themselves. We therefore understand the transaction from both sides of the fence.
We have an online portal for both clients and also bridging finance companies which allows them to easily instruct us and monitor the progress of their file.
We act for numerous bridging finance companies. We understand the process and have even helped some of our bridging finance companies, obtain registration, draft their precedent facility letters and legal charge documentation and then acted using those documents on transactions where they have bridged money.
Many solicitors, do not understand the time pressures or cannot deal with the time pressures which they are put under by bridging finance companies. On the other hand this is exactly what we can deliver. We pride our selves on our quick turn around for both the bridging finance companies and the client.
We provide the bridging companies with weekly detailed updates as to exactly where each of their transactions are up to and we have weekly video conferences with them to discuss progress of their cases.
We get the process of bridging finance. As we act for some of the UK’s major banks we adopt this same risk based approach with our bridging finance clients. We try to suggest changes to their processes to further streamline them.
Within our residential and commercial conveyancing department our solicitors alone have more than 100 years combined conveyancing experience behind them. Each of those solicitors are assisted on their files by legal assistants, who all have a minimum of 3 years residential conveyancing experience (some with over 25 years), and each team of 2 conveyancers has a further member of support staff to assist them.
PLS Solicitors are currently 39th out of the country’s top 100 law firms in terms of conveyancing volumes. We complete on approximately 200 transactions per week, therefore all our systems and staffing are geared towards dealing with this large volume. The majority of our work comes from non-paid referrals which stands as a testament to the good job which we do for our clients and referrers.
We are a CQS registered firm and we have only had one complaint made against the firm which has been upheld by the Legal Ombudsman. We paid out £1200 to the client in connection with that particular claim.
All cases are processed through our case management system, which provides a detailed analysis as to how cases are progressing. The system has a robust diary system ensuring all cases are proactively managed by the teams.
The case management system produces daily reports, which are distributed to the management team, which provide detailed MI, as to the number of new cases received each day, the number of completions per team and the turnaround times in which cases are completed. In addition, details of caseloads are also provided on a daily basis which assists the management team in effectively managing capacity and conversion rates.
As outlined above the case management system records and reports all relevant information. The system records all key stages and has a diary system which prompts the team to carry out the next task. The system will generate emails or texts to clients and /or third parties to return all relevant information to enable the case to proceed. We are also in the process of launching our online portal, making it easier for clients and referrers to liaise with us.
Emails and texts are also sent at key stages providing real time updates to related parties.
Each file includes a calendar calculator which identifies how long the case has been progressing, the management team are then able to access a report for all cases over a certain timescale to review and ensure completion is undertaken as soon as practically possible.
We are cost effective allowing a bridging finance company to remain competitive in a highly competitive market, especially where the borrower is covering the bridging finance companies costs.
PLS Solicitors specialise in advising on the complex area of residential property law, especially Bridging Loans. We offer a friendly, efficient and effective legal advice on any area of residential property.
- We act for clients taking out bridging loans and also bridging loan companies themselves.
- We pride our selves on our quick turn around for both the bridging finance companies and the client.
- Our office hours are 9am to 7pm Monday – Friday and 9am to 4.30pm Saturday and Sunday
- We are fast. Because of our speed, we work as a nominated solicitor for many of the UK's largest developers.
- We have a team of 100+ staff based in the UK
- Between our directors we have over 100 years worth of conveyancing experience
- PLS achieved recognition from the Law Society by becoming an approved member of the Conveyancing Quality Scheme.
- Get in touch for a free conveyancing quote without obligation
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