Having decide to be a solicitor rather that a barrister, there are several opportunities in this field one of such is the real estate industry. The real estate industry is one that will continue to boom because of the ever increasing population. Even though it was affected during the pandemic, the market already recovered beyond expectations. Moreso, no one wants to be dragged into a court case and you most certainly wouldn’t want anyone trampling with your right. Therefore, real estate solicitors are a must-have for anyone that is either buying, selling or developing a property. This article covers everything you need to know as a Commercial real estate solicitor including a real estate solicitor salary in UK.
Real Estate Solicitor
It is no big deal that lawyers simplify legal matters,most landlords and tenants also have a solicitor. who is a real estate solicitor and what exactly do they do?
Who is a Real Estate Solicitor?
A real estate solicitor is a licensed attorney who handles the legal side of real estate transactions. They are the best in legal matters that pertain to estate and properties.
Job Description Of Estates Lawyers
Generally, these lawyers are the ones who draft and analyse real estate-related legal documents, negotiate transactions, sought out terms as well as conditions, Real estate lawyers, often known as real estate attorneys, are licenced professionals who are in charge of overseeing the legal elements of real estate transactions. They draught and analyse real estate-related legal documents, negotiate real estate transaction terms and conditions, and also help in transferring title deeds in real estate. Although, may not look like an easy job real estate solicitors salaries in the UK is somewhat favourable.
10 Roles Of Real Estate Solicitor
Okay, so you want to focus on real estate soliciting, it is important you understand some of the roles and responsibilities of these lawyers. Some of the roles and responsibilities of real estate lawyers include the following;
- Defend cases involving the municipal code
- Property lawyers also represent companies in real estate purchases and sales
- They analyses the legal risk in real estate documents and breaks it down in simpler terms.
- They also give appropriate advice to clients.
- In real estate transactions, they interpret the laws, judgements, and regulations.
- Preparation of standard leases as well as revisions.
- Real estate transactions are drafted and negotiated.
- Organize and manage regulatory and compliance services.
- Assist with the legal and general advice requirements of a large-scale real estate portfolio.
- Solicitors ensure that all necessary approvals are in place before moving forward with any deal.
Requirements And Qualifications of Real Estate Solicitors
These are some of the necessary skills and qualifications needed by commercial real estate solicitors in no particular order..
- A bachelor’s degree in law
- Must be a member of Notary Public
- A natural leader with a good sense of judgement
- An eye for detail.
- A good sense of judgement
- Expertise and knowledge of the sector. That is real estate law- especially in including litigation, lease negotiations, property management, and purchase and sale transaction
- Analytical thinker with good research and conceptual abilities.
- Able to work under duress and meet deadlines
- You must be experienced in, Underwriting, curative, and claims insurance.
- Good knowledge of Word document
- Ability to understand technical argurment
Real Estate Solicitor Salary UK
Real estate solicitor’s salary for starting up ranges between £45,000 to £58,000per year. This means an average real estate solicitor earns £30.90 as salary per hour in the UK. While the more experienced ones earn about £85,000 per year in the UK. However, the salary a property lawyer earns also depends on the location.
Commercial Real Estate Solicitor
The property industry has various branches. It can be a home base, commercial or even be a mix-use property.
What does it mean to be a Commercial Property Solicitor?
A commercial real estate solicitor is in charge of resolving matters involving the property or premises owned or rented by commercial clients such as investors, developers, governments, retailers, and public sector organizations.
Property is always being purchased and sold, landlords and renters are always having contractual problems, and new shopping malls, public buildings, and railways are always being built. As a result, the commercial property solicitor is in a high demand market.
5+ Duties Of A Commercial Real Estate Solicitor
A commercial property solicitor’s responsibilities include the following;
#1. Sales of land or property sales, purchases, and leases.
#2. Management of the leasehold.
#3. Developing of land and property
#4. Investing in and financing in real estate as well as leasehold administration
#5. Offers legal advice and settles tenant-landlord disputes
#6. Mergers & acquisitions, joint ventures, and divestitures
#7. Infrastructure, development, and planning projects.
It also has ramifications in other areas of law, including planning, environmental, construction, litigation, and taxation. Property may also be involved in mergers and acquisitions, property finance, and commercial projects in a variety of industries.
Skill Set of a Commercial Property Solicitor
The following are some of the skills a commercial property solicitor must possess.
- Excellent writing and negotiating skills
- The ability to articulate and present complicated legal problems in everyday terms
- Exceptional commercial awareness.
- Networking abilities
- Being able to work with Excel, Word, PowerPoint, and case management systems.
- Team spirit as well as an excellent client relationship
Conclusion
Becoming a real estate solicitor is actually a good career with the high demands for solicitors in the world. However, ensure you understand the nature of jos specification to be sure you want to be a solicitor not a barrister. Good luck!!!
Real Estate Solicitor FAQs
How much do solicitors in London earn?
Once you qualify, London-based solicitors earn up to £100,000 (sometimes more depending on the firm). Meanwhile, those based outside of the capital earn up to £54,000. Working in London, criminal solicitors earn on average approximately £52,500
Is a solicitor higher than a lawyer?
A lawyer is an umbrella term used to describe a person who is a Licensed Legal Practitioner. … This includes solicitors, barristers and chartered legal executives. It’s a commonly used term here in the UK and is often used interchangeably with the term solicitor but essentially means the same thing.
Why are barristers not solicitors?
Barristers can be distinguished from a solicitor because they wear a wig and gown in court. They work at higher levels of court than solicitors and their main role is to act as advocates in legal hearings, which means they stand in court and plead the case on behalf of their clients in front of a judge
