How To Choose The Right Commercial Property Solicitor

Buying a commercial mortgage is a complex and time consuming process, every stage takes longer than a residential mortgage as there are many more factors to take into account. For this reason alone the most important thing to getting a commercial mortgage right is getting the right solicitor.

With this in mind it is extremely important that you locate a commercial property solicitor that you trust. You need a capable partner to help you through the maze that is property purchasing, someone who is competent, knowledgeable and working in your interests. Lots of legal issues arise in a commercial property deal and so we have put together a quick guide to examining the factors you should consider.

Red Tape: Make sure you get a solicitor who is under the umbrella of the Solicitors Regulatory Authority, those that are in the RSA are regulated and fully insured members. This is advantageous as you know they're not a stereotypical shady solicitor, as they're insured it means you as the client are protected during the mortgage process as well as having an official outlet for complaints through the RSA if you feel the need to take that route.

Location: A locally based solicitor is likely to know more about the property, the local area and any local searches that may be required. Whilst solicitors in other towns may be able to undertake the work for you, they may not boast the same level of local knowledge as a solicitor in your vicinity.

Expense: Value for money is a priority in these difficult economic times but often going for the cheapest deal is a false economy. As with so many things in life, you normally get exactly what you pay for, a slightly more expensive solicitor is probably more likely to be able to live up to your expectations of good service than a bargain basement one.

Solicitors' fees can vary from a few hundred to several thousand pounds. They also often charge 'disbursements' including VAT and local searches. Speak to several forms about the specific property you are buying to determine what fees would be applicable.

When you appoint a solicitor, they are obliged to provide you with a schedule of costs and an estimate for how much your specific transaction will be. So, make sure that you understand how a solicitor's fees work and what you can expect to pay in total. Even large solicitors are prepared to discuss fees with you and so don't be afraid to thrash out the issue of fees before you formally appoint a commercial property solicitor.

Experience: Many firms and solicitors will be experts in niche areas, even within the commercial property sector, so find out what experience they have and if it will be major benefit to you and your transaction. Doing background research yourself should be simple enough, either through the SRA or Law Society for qualifications and experience, even LinkedIn might have the answers you seek.

Good service is also important if you are paying significant legal fees so be sure that you will receive the level of service that you expect. For example, will your transaction be dealt with by the solicitor themselves or by a team of junior staff? Who do you call if you have any queries? Who will look after your commercial purchase in the senior solicitor's absence? Make sure you have answers to all these questions.

Just as there are lots of commercial mortgage lenders out there; there are also lots of commercial property solicitors. Picking one can be vital to the success of your purchase and so take plenty of time to research the market in order to find the right solicitor for you.


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Timothy Frodsham writes for Just Commercial Mortgages the UK's No.1 site for the latest commercial mortgage rates and commercial property finance news.