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First BTL and trying to choose between 2 solicitors ;
Solicitor#1 - gets lots of business from my mortgage broker so if there are issues, should be able to apply leverage on my behalf (I am referred to the broker by a BTL landlord with a large portfolio so believe this may be true)
Solicitor#2 - Works closely with the estate agents and the vendor is also using them. Also £100 cheaper.
Thoughts / comments welcome and apologies if I have posted in the wrong forum!
That's an easy one, Paul.You could not use solicitor #2 because they are acting on behalf of the vendor, so it would be a conflict of interest for them to act for you as well.A solicitor is an important part of your support team, and I would advise against basing your choice on price. I base my choice on the speed at which they work and the quality of the advice and service they offer. If you have ambitions to build a portfolio, this is someone you should consider as a long term relationship, so it's worth choosing wisely from the outset.My solicitor is from Property Tribes' legal partner, Anthony Gold Solicitors. Alan Zeffertt at Anthony Gold undertakes all my conveyancing work for me. If you'd like a quote from him, his email is alan.zeffertt (at) anthonygold.co.uk.Hope that helps?
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Solicitors can use different solicitors within the same firm providing there is no conflict of interest.
So if a big firm they can often accommodate both vendor and buyer
They just have to ensure they follow the law societies rules
They also often have reciprocal arrangements with other solicitors nearby if they cant accommodate
So I would lean to solicitor 2 as it keeps agent and vendor on board to iron out issues and chase
The vendor is the person you have to please more than the broker
Bear in mind both will probably get a referral fee so that`s a factor to consider in their recommendation
Jonathan Clarke. http://www.buytoletmk.com
I would certainly recommend that you do not use the Estate Agents Conveyancer, as Vanessa says.They are employed and work for the vendor (not you) and it gives rise to a conflict of interest, regardless of the firm's size. Sometimes an Estate Agent does not need to know things.
In addition, the conveyancer they have may not be best suited for the lender. Perhaps they are not on the lender's panel or perhaps they are not doing much of that lender's business.Conveyancers that have experience with certain lenders can work quicker and more efficiently. Your broker is best placed to know these things.
If a broker (who works for you) has a good working relationship with conveyancer (who works for you) they are both pushing in the same direction.If they trust each other documents that both requirements can be provided, without you having to resend them - ID, POR and Proof of Deposit. Providing a quicker service.
That all said - you can choose any conveyancer you want. That is on the lender's panel. Its more efficient if the broker and conveyancer have a relationship but not detrimental otherwise.
_________________________________________________________________________My posts are not financial advice, just a rambling guy passing time on a coffee break.The team at Bespoke Finance offers advice, including Limited Company Buy-to-Let , HMO Conversion and Cheap Life Insurance._________________________________________________________________________
Never take a mortgage company's "free legals" offer. It will be dire.
Never base your choice on price. I can't believe how people will venture into a transaction worth from £100k to £1 million and skin a fart for tuppence by choosing a solicitor who is £100 cheaper. Just put it into perspective. You are about to spend hundreds of thousands of pounds and are worried about £50. As Vanessa says, choose a solicitor who has a good reputation and build a relationship over years.
If you go cheap you will get a monkey on a computer ticking boxes. The "fee earner" i.e. the one with the conveyancing qualifications will look at the contract for ten minutes before issuing the contract. They will do no work on it and advise you to "carefully check the content". Well in my mind that's their bloody job. That's what you are paying for. Boiler room operations are truly rubbish. Pay a qualified person to do a proper job for you.
Always buy chancellery insurance. Even when they tell you you don't need it. Buy it.
Good food for thought - thanks for all your comments (I went with Solictor#1)