Negotiation management and deal closing
Typically, a developer will end up dealing with multiple local high street solicitor firms. These may or may not have much property experience and may or may not have much experience of negotiating options and leases to a bankable standard. In EMP’s direct experience, there is considerable potential for significant time and legal costs over-runs if this approach is followed.
EMP’s approach is to:
- Cap the contribution to the landowner’s legal fees at a sensible rate; and
- Provide the landowners’ solicitors with a FAQs document which sets out the main stages in the development process and which anticipates and deals with the usual commercial and legal queries that arise.
Deal closing in a land context is a process which also benefits from a direct, personal approach, a commitment to next-day turnaround times for the inevitable queries and from face-to-face meetings. The time demands can be considerable and it makes little financial or operational sense from a developer’s perspective to pay external and usually office-bound law firms to carry out the bulk of such work.