We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Buyers using the same conveyancer as the vendor
Options
Ronatron
Posts: 1 Newbie
Hi there,
We have made an offer on a property which the vendor has accepted on the condition we use their solicitors for conveyancing so the deal can be completed quickly. The vendor is a building company which acquired the property through a part exchange deal. They have also said the solicitor will match any conveyancing quote we get and the vendor will give us £350. We are a little nervous about doing this as your solicitor should look out for YOUR needs - not be compromised by working for both parties.
We are first-time buyers and would appreciate any advice on this?
Many thanks.
We have made an offer on a property which the vendor has accepted on the condition we use their solicitors for conveyancing so the deal can be completed quickly. The vendor is a building company which acquired the property through a part exchange deal. They have also said the solicitor will match any conveyancing quote we get and the vendor will give us £350. We are a little nervous about doing this as your solicitor should look out for YOUR needs - not be compromised by working for both parties.
We are first-time buyers and would appreciate any advice on this?
Many thanks.
0
Comments
-
Decline. You don't want it to be so quick that your interests are not protected.0
-
Normally a Solicitor firm can not act on both sides of a transaction as it is classed as a Conflict of Interest, and is against SRA (Solicitors Regulatory Authority) regulations.
The only time a firm can act for both sides, is if they have more than one office; One office can act for you, and the other acts for the vendor. This gets rid of the conflict of interest.
If this is not the case and they only have one office, then it's certainly very dodgy and the firm is not worth their salt. I would suggest you point out to the vendor that their Solicitor can not possibly act for both sides.0 -
Do not do this under any circumstances.
You need a lawyer who can act in your interests.If you've have not made a mistake, you've made nothing0 -
The only time a firm can act for both sides, is if they have more than one office; One office can act for you, and the other acts for the vendor. This gets rid of the conflict of interest.
My understanding is that an individual solicitor cannot work for both parties as that would clearly be a conflict of interest but different solicitors from the same firm can represent the two parties. There is no requirement for a seperate office0 -
We tried to buy and sell, with us the vendor using the same firm of solicitors as the buyer, but with different solicitors handling each side.
This did not work well, and it ended up with the bank refusing to lend the buyer the funds, and thus the sale fell through.
6 months later, different buyer, different solicitors, all went through super fast!0 -
My understanding is that an individual solicitor cannot work for both parties as that would clearly be a conflict of interest but different solicitors from the same firm can represent the two parties. There is no requirement for a seperate office
True. That happened when I sold my previous place and then went through smoothly with no problems.0 -
Rule 3 conflicts of interests- you need independent advice0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards