Can one firm act for buyer and seller?

crossleydd42

There is no reason why the same firm of solicitors cannot act for both parties. However, the same solicitor in that practice cannot act for both parties.

clutton_2

Bossyboots ""The rule I have linked to which is the Law Society rule, states that both parties have to have been previously represented by the solicitor unless one of the other criteria is met."" this is interesting, what are the other criteria please ?

Bossyboots

clutton wrote:

Bossyboots ""The rule I have linked to which is the Law Society rule, states that both parties have to have been previously represented by the solicitor unless one of the other criteria is met."" this is interesting, what are the other criteria please ?

Its in the link but I have set it out below for you

2) (Solicitor acting for seller and buyer)

(a) A solicitor must not act for seller and buyer:

(i) without the written consent of both parties;

(ii) if a conflict of interest exists or arises; or

(iii) if the seller is selling or leasing as a builder or developer.

(b) Otherwise, a solicitor may act for seller and buyer, but only if:

(i) both parties are established clients; or

(ii) the consideration is £10,000 or less and the transaction is not the grant of a lease; or

(iii) there is no other qualified conveyancer in the area whom either the seller or the buyer could reasonably be expected to consult; or

(iv) seller and buyer are represented by two separate offices in different localities, and:

(A) different solicitors, who normally work at each office, conduct or supervise the transaction for seller and buyer; and

(B) no office of the practice (or an associated practice) referred either client to the office conducting his or her transaction; or

(v) the only way in which the solicitor is acting for the buyer is in providing mortgage related services; or

(vi) the only way in which the solicitor is acting for the seller is in providing property selling services through a SEAL.

(c) When a solicitor's practice (including a SEAL) acts in the property selling for the seller and acts for the buyer, the following additional conditions must be met:

(i) different individuals must conduct the work for the seller and the work for the buyer; and if the individuals conducting the work need supervision, they must be supervised by different solicitors; and

(ii) the solicitor must inform the seller in writing, before accepting instructions to deal with the property selling, of any services which might be offered to a buyer, whether through the same practice or any practice associated with it; and

(iii) the solicitor must explain to the buyer, before the buyer gives consent to the arrangement:

(A) the implications of a conflict of interest arising; and

(B) the solicitor's financial interest in the sale going through; and

(C) if the solicitor proposes to provide mortgage related services to the buyer through a SEAL which is also acting for the seller, that the solicitor cannot advise the buyer on the merits of the purchase.