The scheme will be available for purchase applications up to £2 million in England and Wales, and will allow clients to use the services of Commercial First’s legal firm, Stanmore Law Practice, to represent them in the purchase of their property.
The law firm will represent the client from a separate office, while the in-house team continues to act for the lender in securing their charge.
Stephen Johnson, sales and marketing director of Commercial First, said: “Clients tend to use solicitors who have acted on other family or residential property matters – in some cases these firms are not vastly experienced in commercial property deals.
“Our refinance applications routinely complete within the week of instruction and, while this efficiency will be difficult to replicate in a purchase, we believe our scheme will provide a vital speed advantage to those clients who need to complete quickly, ideal for those purchasing property at auction.”
Roy New, a London-based sole broker, said: “The trouble with commercial cases is that clients want to use their own solicitor. But, if they’re not a conveyancer, they don’t know how to complete a residential mortgage let alone a commercial one. Clients need a solicitor that understands the commercial mortgage layout.”
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