Trade solicitors 'can help speed up sales'

A specialised licensed trade solicitor could be the key to reducing completion times, according to agents.

Managing director of Browns Annie Brown said using solicitors that specialise in licensed property can reduce the amount of time that elapses between agreeing on a sale and completion.

"If the vendor and the purchaser use solicitors from the same panel - that's a group of solicitors that we recommend - it usually speeds things up because they have a good working relationship.

"We don't gain financially from recommending solicitors but it is in everyone's interest for the process to proceed as swiftly and smoothly as possible."

Brown said it was difficult to estimate the average length of time a sale took from being agreed to completion.

"It depends on the outlet and the tenure," she said. "Freeholds tend to complete faster than leaseholds because there aren't so many parties involved. Freeholds could take eight to 12 weeks.

"There is usually at least six people involved in selling a lease - the landlord and a solicitor, the lessor and a solicitor and the lessee and theirs.

"The process is also lengthened by the amount of time it takes the BDM to interview new lessees."

GA Select managing director Graham Allman said leaseholds take about 12 weeks to complete, while freeholds about eight weeks.

"If a deal goes wrong, it is usually down to a solicitor. This is because they get paid whatever happens - most agents do not," he said.

"The problem occurs when a solicitor that isn't familiar with the trade tries to change things like big pubco leases. They don't realise these are set in stone and apply to thousands of lessees."

Allman said vendors and purchasers should ask agents to recommend solicitors.