Enabling dual representation for bridging is seen as a significant step forward because it can speed up transactions and save costs for the borrower, the lender said.
The practice is already common in mortgage conveyances.
“Dual legal representation provides significant benefit in cost and speed to bridging customers. Service improvements such as this are important for growing the market,” said Michael Walters, United Trust Bank head of sales, mortgages and bridging (pictured).
“We enjoy working with like-minded partners to develop such enhancements,” he added.
Amadeus Wilson, director at SPF Short Term Finance, added: “Working with United Trust Bank and JMW Solicitors on this pilot resulted in reduced cost for the client. The speed and efficiency of keep everything under one roof was invaluable.”