Until now bridging borrowers have been forced to take separate legal representation from their lender meaning legal fees on one deal can wind up costing the client up to £2,000 on a typical £250,000 property.
With two sets of lawyers in the transaction, brokers also often complain that unnecessary delays result from legal wrangling.
But Precise is offering borrowers in England and Wales the chance to use its solicitors, Goldsmith Williams, which the lender estimates will shave three to four days of average completion times.
For business it writes in Scotland a range of solicitors firms remain in place.
Alan Cleary, managing director of Precise Mortgages, said: “This is how legals work in the mainstream market because it’s in the interest of the borrower.
“It’s far cheaper for them to have joint representation than to pay the lenders’ legal fees as well as instructing their own solicitor.”
Cleary said borrowers are protected from any conflict of interest because the solicitor is an independent firm rather than in-house.
As far as Precise is aware it is the only bridging lender to offer joint representation to borrowers in the bridging market.
Cleary added: “In my experience when there are two solicitors involved it is time consuming and can cost the borrower double, our new innovative service is good news for borrowers and brokers.”
Details of the new service will be available from Monday 6th February.
