When finding yourself in a legal quandary or needing the help of an expert when buying, selling, or dealing with property, it is often essential that you seek the help of a legal expert or a lawyer. With the term ‘lawyer’ having no specific meaning in the UK, it is important that you carry out due diligence to ensure that they are properly qualified, regulated and experienced.
Types
Lawyers are either regulated or unregulated.
A regulated lawyer may be a solicitor, a barrister or a chartered legal executive. Although they have differing roles, they are all heavily regulated by a designated authority.
Solicitors provide expert advice and support, offering you a variety of services to help solve any legal issue. They often have specialist areas of work, such as property, probate or family.
The Solicitors Regulation Authority is responsible for overseeing the work of solicitors. They advise that by choosing a regulated lawyer or firm, you will be provided with all the information at the outset of your instructions, the fee structure will be clear and transparent, and you will receive expert advice where you are put first.
An unregulated lawyer may include a member of a wider legal team, such as a paralegal. These may be self-regulated or be part of a membership organisation. Unregulated lawyers do not afford the client the same level of security and protection that they would have by instructing a regulated lawyer.
Property Purchase
If you are considering buying a home and are instructing a lawyer to act on your behalf, only regulated lawyers are permitted to do so.
When purchasing a property, many can do so by taking out a mortgage or loan agreement.
A loan agreement can be complicated. They are mostly used for the purchase of a property, and they can be secured or unsecured against the property. Whenever a loan agreement takes place, both the client and the borrower will have access to independent legal advice. This should always be from a fully qualified and regulated professional, such as a solicitor.
For more information on how an expert, regulated, legal firm can guide you through the buying or selling process, visit https://www.parachutelaw.co.uk/loan-agreement.
Regulated lawyers not only provide a competent and quality service, but they also make it easier should a client wish to complain if they are dissatisfied.