Choosing the right solicitor?
23rd January 2009 by: Paul Braham
Property transactions are complex and whether you are purchasing a portfolio of investment properties, taking an occupational lease, developing or selling land, selection of the solicitor can be critical. This blog is intended to provide some useful advice on the choice of solicitor, how to ensure any transaction can be concluded without delay and our view on the condition of the property market.
1. What should a business look for in a Commercial Property Solicitor?
CLARITY a good and clear ability to understand both the Clients business needs and the commercial reasons for the transaction.
COMMUNICATION essential to enable response without costly delay.
THE ABILITY TO IDENTIFY problem issues at an early stage and if possible resolve them quickly enabling the transaction to complete. In current market conditions speed can be the critical difference between success and failure with all the financial implications that this implies.
EXPERIENCE. Commercial Property is a complex area of law, which requires various skills from dealing with difficult negotiations to technical legal issues and using that specialist knowledge to bring matters to a successful resolution.
THE SUPPLY of relevant legal updates so that they are aware as to what new legal issues may affect their particular business.
2. Is there any preparation a business can do for meeting their commercial property solicitor or any work that they can do themselves?
Businesses should involve their solicitor at an early stage of a transaction and it is important to keep a record of all documentation and correspondence which relates to the property and provide this to the solicitor at the outset of a deal.
3. What trends have you noticed since the property market began to fall?
Although volume’s have reduced, deals are still happening and despite what the press indicates there is market activity albeit at lower price levels than “pre crunch”. The party who can show, for example, that funding in place at the outset of a transaction with a legal team that can move swiftly is at a winning advantage, and this can unlock profits that may otherwise pass them by. Equally, a sensible seller will not agree a transaction without checking that the fundamentals of funding and speed are in place.
1. What should a business look for in a Commercial Property Solicitor?
CLARITY a good and clear ability to understand both the Clients business needs and the commercial reasons for the transaction.
COMMUNICATION essential to enable response without costly delay.
THE ABILITY TO IDENTIFY problem issues at an early stage and if possible resolve them quickly enabling the transaction to complete. In current market conditions speed can be the critical difference between success and failure with all the financial implications that this implies.
EXPERIENCE. Commercial Property is a complex area of law, which requires various skills from dealing with difficult negotiations to technical legal issues and using that specialist knowledge to bring matters to a successful resolution.
THE SUPPLY of relevant legal updates so that they are aware as to what new legal issues may affect their particular business.
2. Is there any preparation a business can do for meeting their commercial property solicitor or any work that they can do themselves?
Businesses should involve their solicitor at an early stage of a transaction and it is important to keep a record of all documentation and correspondence which relates to the property and provide this to the solicitor at the outset of a deal.
3. What trends have you noticed since the property market began to fall?
Although volume’s have reduced, deals are still happening and despite what the press indicates there is market activity albeit at lower price levels than “pre crunch”. The party who can show, for example, that funding in place at the outset of a transaction with a legal team that can move swiftly is at a winning advantage, and this can unlock profits that may otherwise pass them by. Equally, a sensible seller will not agree a transaction without checking that the fundamentals of funding and speed are in place.
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