From Monday 6 February Precise Mortgages will allow borrowers to use Precise Mortgages’ solicitors if they so wish for bridging.
This is despite the fact that the bridging market traditionally insists on separate legal representation for the borrower and lender, Precise said.
Precise Mortgages believes the move will significantly reduce the time it takes to complete the legal process on a bridging deal, whilst halving the cost to the borrower. For a typical £250,000 property the legal work will cost £599 (plus VAT and any disbursement costs) using the new joint legal representation service.
Alan Cleary, managing director of Precise Mortgages ,said: “In my experience when there are two solicitors involved it is time consuming and can cost the borrower double