We recognise that legal fees are one of the major expenses associated with commercial property transactions. A solicitor’s efficiency will depend a lot on their experience in dealing with SIPPs or SSASs as owners and whether they are used to dealing with us.
It has a powerful influence on the time a purchase or sale takes, which in turn can affect our charges too. It’s not all about fees, though: the conveyancing work carried out can reveal and solve important issues, saving the trustees time and money in the long-term.
We are often asked how to choose a solicitor or which solicitor to use and therefore put together a panel for our Flexible SIPP. SSAS trustees also have access to these same solicitors on the same terms.
Benefits of using a solicitor from our SIPP panel
- Experienced and knowledgeable
- They are well versed in commercial property transactions within a SIPP or SSAS environment and are fully aware of the underlying legislation. This is particularly beneficial to clients who are less familiar with the process.
- Our close working relationship.
- They are familiar with our specific trust deeds and rules, have agreed processes and contacts in place with us and have also agreed to use our standard documentation. All of this means that transactions can be expected to happen more quickly and smoothly.
- Fixed fees
- These solicitors work to a standard, flat fee schedule - accepting some of the risks of additional work or delays that would otherwise increase legal fees.
Who are they and what are their fees?
Our Panel Solicitor Fee Schedule contains details of the four solicitor firms and a full breakdown of their fees. If you need additional legal work which is outside of the scope of these agreed terms, additional charges will be incurred which you will need to agree with your chosen solicitor in advance of the work taking place.
Can I use my own solicitor?
Yes. Whether the work is for a SIPP or SSAS, there is no obligation to choose a solicitor from our panel. You have a free choice of solicitor, provided there is no connection or conflict of interest. If you are considering using your own solicitor, we recommend that you consider how they compare with those on the panel to ensure it is the right choice for you. If we agree to proceed with your preferred solicitor, it is your responsibility to negotiate fees with them.
How do I proceed?
The first thing should always be to speak to your financial adviser. If you wish to instruct us to consider a property or to start proceedings, SIPP members should complete our Property Purchase Questionnaire; SSAS trustees should contact their usual Client Manager.
For further information on the purchase process and to find out how we can help you with property insurance and obtaining an EPC, please see the following content on our website: