GB Bank has introduced dual legal representation for eligible bridging and buy-to-let refinancing cases, allowing a single law firm to act for both the lender and borrower.
The move is intended to reduce legal costs and completion times by removing the need for separate solicitors on qualifying transactions.
The arrangement is available across the bank’s simplified bridging and buy-to-let product ranges, provided the total facility or group exposure does not exceed £2 million.
Borrowers and ultimate beneficial owners must be based in the UK, although foreign nationals with UK residency rights are eligible. Applications involving title indemnity insurance can also be considered.
GB Bank has appointed four firms to its approved legal panel: Ward Hadaway, Lester Aldridge, Jury O’Shea and Harold Benjamin.
Under the arrangement, an approved panel firm can represent both parties, reducing the additional correspondence and co-ordination typically required when borrowers and lenders instruct separate solicitors.
The introduction of dual representation forms part of the bank’s efforts to simplify its property-backed lending processes for brokers and their clients.
Pankaj Thukral (pictured), chief lending officer and deputy CEO at GB Bank, says: “The legal process can be a source of delay for completing a refinance application and often, having separate firms acting for the borrower and lender adds an additional layer of co-ordination that a single firm could manage more efficiently.
“Introducing dual representation gives us a practical way to simplify that part of the transaction. By working with an experienced panel and setting clear eligibility requirements, we can offer intermediaries and borrowers a more streamlined route whilst maintaining the legal checks each case requires.
“We want improvements to our proposition to make a difference beyond the lending terms themselves and how a case moves from application to completion is central to the service we provide.”
