Introducing Dual Representation for a quicker legal process
May 10 2016
Following your feedback, we are delighted to announce that, with effect from 10 May 2016, your clients can opt for Dual Legal Representation by Paris Smith LLP on all InterBay loans. This means your client can now appoint a solicitor to act for them at the same firm which represents InterBay Commercial.
Where clients choose Dual Legal Representation, the mortgage legal process being handled by just one firm means the timescale between Formal Offer and Completion should reduce significantly, speeding up the overall application process.
In addition, your client may save on their overall cost for legal work, with Paris Smith LLP offering attractive combined costs.
Conditional Offer Request Forms (CORFs)
We have also merged our Conditional Offer Request and Mortgage Application forms, meaning duplication of client and property information will be reduced, saving you further valuable time during the application process.
In order to obtain initial terms (Conditional Offer) from InterBay, only Part One of the new form is required, and Part Two will be required once the valuation has been instructed.
In order to benefit from the Dual Legal Representation service, please confirm on the new Mortgage Application Form (Part Two), which is available in our Tools and Resources section.
Where borrowers wish to request Dual Legal Representation through Paris Smith LLP, but their own solicitor has already been instructed, they will remain liable for any costs incurred with their solicitor up until that point.
To request the switch, we will require a signed letter from the borrower confirming the following:
- They wish to switch from separate to Dual Legal Representation for their transaction
- Confirmation they want Paris Smith LLP to act for this purpose
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