In the dynamic world of property development, timing is everything. Every day that a project is delayed can lead to increased costs, missed opportunities and mounting frustration.
A common – yet often overlooked – factor that can contribute to delays is using solicitors without the right property expertise.
Solicitors play a key role at every stage of a property project, from initial planning, to securing and releasing the right funding, to post-completion and exit.
Their expertise is vital in smoothly navigating the complexities of property law and, if you need it, construction law, and avoiding legal pitfalls that could jeopardise your project.
What are the benefits of using specialist solicitors?
Engaging solicitors who specialises in property development offers several key advantages:
- Protection of your interests: Solicitors with in-depth knowledge of property law, contract drafting and financial regulations can ensure that all legal aspects of your project are handled correctly, reducing the risk to you and your project.
- The skill to engage effectively with other legal parties: Your solicitor or, in some cases, solicitors will need to communicate with the lawyers of your specialist lender (they may not communicate with the lender directly). If land or property acquisition is part of your project, they will have to deal with the vendor’s solicitors too.
- The ability to move at pace: Thorough knowledge and experience of property law in action will enable your solicitor to act decisively, be responsive, and anticipate likely requests from other parties. They’ll also be able to identify and advise on potential hurdles or gains you could encounter.
What else should you look out for?
While the benefits of engaging specialist solicitors are clear, there are a few things to consider:
- Costs: Solicitors’ fees can vary depending on the complexity of your case. It’s wise to obtain quotes from multiple solicitors before making your decision. Discuss fees upfront to ensure transparency. It’s important to understand how your solicitor charge for their services and to avoid those who offer low initial fees only to add extra charges later.
- Time delays: Some solicitors may cause delays due to slow communication. To avoid this, we recommend scheduling regular check-ins and promptly sending any requested documents.
- The right experience: A lack of the right knowledge and experience of property law will cause you delays. Ask your solicitor for examples of projects they have handled before – especially ones like yours – to determine if they are suitable for your specific project.
Finding the right solicitor
Use your network of other property professionals, asking them who they have had a positive experience with on property development projects specifically. Online property forums will also provide discussions about and recommendations of suitable solicitors.
While we can’t recommend anyone, we have compiled a list of firms that have worked on projects we’ve funded. You must do your own checks and due diligence on any solicitor you consider.
Act Now
Property development is exciting and can progress quickly with the right team in place. Ensure your solicitor is part of the team supporting your success by choosing wisely and engaging them now.We can also be part of your success by providing specialist finance supported by our own property expertise and experience.
Talk to us about your project now so we can help you get ahead of that September rush!
Apply for funding in just five minutes and get an instant Decision in Principle* today, or call 020 3012 0166.
*Instant DIPs will not be issued for projects where the loan amount is greater than £3.5m (or £3m if bridging), the profit on cost is below 5%, the loan amount is less than £100k, the loan term is greater than 24 months, if any required data is omitted, or the loan type is portfolio acquisition, special situation, planning gain, or project refinance.