Shawbrook is using a network of law firms to smoothly process its transactions on commercial loans.
Borrowers using network firms to represent them for a Shawbrook commercial loan get a 10% reduction in both the network legal fees and Shawbrook’s legal fees.
Pure Law, which has worked with the networks on previous transactions, has agreed to regularly update the network’s legal firms with information regarding changes in Shawbrook processes.
Karen Bennett, sales and marketing director of commercial mortgages at Shawbrook Bank, said: “As always, we listened to our brokers who told us about the challenges they faced when it came to dealing with solicitors.
“Working closely with the Pure Law team, this network has been established to streamline the process.
“We believe it is a great step toward driving efficiencies across the conveyancing process and providing an enhanced service to everyone involved.”
Law firms involved in the network include Berg, Girlings Solicitors, Bond Dickinson, Penningtons Manches, Elmhirst Parker, Ellis-Fermor and Negus, Fishman Brand Stone, Cannings Connolly and Bright.
Fraser Sinclair, partner of Pure Law LLP, added: “It is in the interests of all borrowers to work with solicitors who know a lender’s requirements.
“This network has been established with the goal of making the legal process more efficient for everyone.
“We are looking forward to seeing this network in action and the effect it has on transactions.”