GB Bank has launched dual legal representation for eligible buy-to-let refinance applications, allowing a single approved law firm to act for both the borrower and the bank.
The option covers refinances on its simplified buy-to-let and bridging range, and the bank says it reduces the delays that come with separate representation and makes the process more efficient and cost-effective.
It applies to standard BTL and bridging refinances where the total facility or group exposure is £2m or less. Borrowers and ultimate beneficial owners must be UK-based, which includes foreign nationals with UK residency rights. The arrangement also covers applications that use title indemnity insurance.
Four firms sit on the approved panel: Ward Hadaway, Lester Aldridge, Jury O’Shea and Harold Benjamin.
The bank describes the launch as part of its continued development of its property-backed lending range, aimed at making the process more straightforward for intermediaries and their clients.
“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,” said Pankaj Thukral, chief lending officer and deputy chief executive at GB Bank (pictured).
“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.”
