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PLS secures the right result for a major high value development finance case in central London
This case was monumental in that it set the precedent for this Lender in how they approach development finance deals. The previous process in place was outdated in that it was better suited for smaller scale developments with less conditions precedents on the Developer to obtain the necessary construction documentation. It is common to experience resistance, mostly from the Developer and the professional team, to provide the right construction documentation where required. If not completed in advance of the deal coming to us it can cause delays whilst the documents are drafted, which was demonstrated in this case. However, due to the high-risk nature of development finance it is important we maintain a balance of speed and mitigation of risk for all parties. As this was a high value development with a professional team consisting of several different legal entities, we had to consider the contractual relationships between all parties involved in the build and adopt a risk averse approach to ensure the Lender had sufficient means to ‘step-in’ if the Developer became insolvent. In a scenario where the Developer (or Borrower) falls away and is unable to complete the build, the Lender must have a sufficient contractual link to the professional team, so they are able to enforce any outstanding liabilities under construction documentation to ensure the build is finished where the Developer is not able to complete the build themselves. Our advice differed somewhat form the Quantity Surveyor (QS) which caused a great deal of friction during the transaction. Our advice consisted of a detailed report on the reasons for obtaining a suitable JCT, Appointments and Collateral Warranties for the main contractor and sub-contractors followed by an urgent conference call with the Lender, the Developer and the QS to explain our advice in greater detail. As a result of our risk averse approach and expertise, we received the “lions share” of this particular Lender’s development finance work due to increased confidence in our ability to ensure the Lender’s and Developer’s security is our primary concern, whilst putting precedents in place to ensure a smoother journey for future Developers. “It is important for our clients to trust the advice we give them and in this transaction, it proved how critical our expertise was to the success of a case.”
– Kieran de Vares, Associate Director
“PLS is now our trusted advisor for all development finance deals – anything between £1-20million”
Property Finance
Tailored finance solutions to fund your property purchase.
Development Finance
Expert support for funding property developments and projects.
Islamic Finance
Sharia-compliant finance solutions for property transactions.
Bridging Finance
Flexible short-term finance to bridge property deals quickly.
Our Partner Lenders
Our Partner Lenders
Banks we work with
PLS has the infrastructure, technology and scale needed to provide fast, efficient and hands-on legal advice to lenders and developers. We act nationally for many bridging and specialist lenders like Islamic Finance. We are also on many major high street bank panels. Lenders trust us as we have highly secure checking procedures that are integrated with the latest technology from title checks to anti-money laundering.
“Just bought our first home using PLS Solicitors, I highly recommend and will be doing so to all my family and friends! The online portal makes life so much easier being able to upload documents on your phone, track where you are up to and know what will happen next!” Aisha #firsttimebuyer
Testimonials
Customer feedback
See What Our Customers Are Saying
Read on Trustpilot
Read on Trustpilot
Adriana-Gabriela Neagu
Just wanted to say a big thank you to Jacob and his team at PLS Solicitors. They were brilliant from start to finish and made the whole process much easier than I expected. I probably called Jacob more times than he’d have liked with all my questions, but he was always patient, helpful, and happy to explain things. If he couldn’t take my call, he always made sure to call me back, which I really appreciated. What impressed me most was how quickly everything moved. The completion process was incredibly quick, and the transfer of funds was completed much faster than I expected, which made moving day go very smoothly. A great team to deal with and I’d happily recommend them to anyone. Thanks again, Jacob and team!
Evelyn King
Thank you to Kelly Ferguson and her team. Our house sale and purchase has been completed in less than nine weeks. It is over 26 years since we last moved house and things have changed a lot but Kelly has helped us through. We would recommend PLS. Thank you again
Meha Jerin Aziz
We have just successfully exchanged contracts on our new build property with PLS Solicitors and the experience so far has been genuinely impressive. Jemma and the team have been incredibly patient throughout what has been a complex transaction — deadlines were extended multiple times due to various circumstances and at every stage PLS handled everything smoothly without any drama or unnecessary stress. What stood out most was how everything felt coordinated and in one place. We never felt like we were chasing or left in the dark. Every query was answered promptly and professionally and we reached exchange feeling confident and well supported. We are now looking forward to working with Jemma through to completion and will update this review at that point. Based on our experience so far we would not hesitate to recommend PLS Solicitors to anyone purchasing a property.
Barbara Chapman
We are selling and buying with Sean at PLS Solicitors. We have just exchanged on our sale and Sean has been great. I get very anxious and Sean was really calm when I got worried and reassured me, and he will always call us if we asked. Thank you Sean . We would definitely recommend PLS , especially Sean.
Dumitru Antonesei
Very nice and easy to work solicitors firm. I am very thankful to Jacob who patiently and professionally explained the process.
Jodie Routledge
We have had a really positive experience with our solicitors throughout our sale and purchase. They kept us updated, answered our questions, and helped move everything forward clearly and efficiently. Buying and selling at the same time can feel stressful, but they made the process feel much more manageable and we’re really grateful for their support. We were especially pleased to have exchange confirmed and everything clearly explained ahead of completion. Thank you for all your help — we would happily recommend.
Adam Trowhill
We’ve just exchanged on our new build and PLS handled the process professionally. There were moments of anxiety, as with any conveyancing, but the team were helpful when it mattered and ensured everything was completed correctly. Thank you to Nick for getting us through to exchange 🤝
Morgan Robotham
PLS solicitors have been great been very efficient with all the paperwork, have kept myself and others involved up to date with every step. Thank you PLS solicitors and big shout out to Jack.
eric
is anyone experiencing hard to calling / find the handle solicitor with PLS?
Kester Charles Mafiana
Transaction was seamless and the staffs were very responsive and helpful
