Generally when choosing the right bridging loan solicitor, you need to make sure that you chose someone who has experience in dealing with bridging work, as the bridging loans, have to be completed very swiftly and the lenders generally have stringent requirements.
At PLS Solicitors, we have a very experienced secured lending department, who are used to acting for both the clients taking out a bridge and also the bridging lenders themselves.
The fees range depending on what the bridging loan is being taken out for. Straightforward residential bridging to buy a residential property, is a lot more straightforward than commercial bridging where the loan is being taken out for the purposes for development.
It is important that if you are taking out development finance from a bridging lender who supplies development finance that you chose a firm of solicitors, who can handle both the construction aspects of the project and also the development property side of the matter. At PLS we have both construction lawyers and experienced commercial and residential property lawyers. They are used to dealing with the extensive requirements, which the bridging lenders impose on clients.
It is also important to note that whether or not you are taking out a residential or commercial bridging loan, or even a loan for development finance, that the bridging lender will insist that you are responsible for all the third party disbursments. They will insist that you pay for all the searches, land registry fees and also companies house fees, even if you are just taking out a re-mortgage or taking on a second legal charge for the purposes of development finance.
Please feel free to contact our team of bridging solicitors on firstname.lastname@example.org or 0844 8111 410, and we will be more than happy to provide you with a fee quote for acting.
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