“We often find when acting for a borrower that the lenders requirements are the most difficult hurdle to overcome, especially when dealing with a complex lending structure such as an Islamic Finance loan.” Kieran de Vares, Solicitor
Our client’s challenge
What was the challenge? Providing a hands-on, personal and simplified service on a complex Islamic Finance Loan to an oversees client.
Our client, who is based in Dubai, was purchasing a residential property for investment purposes and was looking for a new legal partner. In the past they found that because they were abroad, they had not been provided the level of service they needed to complete their transaction. They found that transactions such as this were made overly complicated and difficult to get comfortable with, which had hindered their ability to proceed quickly and meet the bank’s time frames in the past.
Bridging the gap
The legal principles in Islamic Finance documentation can be complex and our client needed hands-on guidance to complete the transaction.
When working with security documents, particularly on Islamic Finance Loans, they are structured in such a way that only specialists can navigate, so clarity and expert guidance on what is required from our clients is critical. Whilst giving that personal and simplified service on a complex matter can be difficult when the client is based oversees, this is something that comes naturally to us as we have been working with international clients for over 10 years.
Responsive and timely delivery
For Islamic Finance, the bank’s requirements are particularly extensive and require one on one consultation with the client. For clients based abroad there is much more documentation required, therefore we need to ensure all client queries and knowledge gaps are dealt with quickly to allow us much time as possible for documents to be returned to us by post, for example!
Timeliness is critical because plan A does not always go smoothly. Our responsive approach helps to free up the time to deal with the extensive legal enquiries on the property before funds can be drawn down.
The right result for our client
We worked hard to get the case through in unprecedented timescales which met the client and the bank’s requirements. We were able to satisfy all legal enquiries on the property, obtain all signed documentation in original form and maintained client satisfaction throughout.
“PLS Solicitors provided the hands-on service and personal approach that we needed!”