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using seller's sollicitor
aqueoushumour01
Posts: 1,687 Forumite
Hi. Just a query on use of sollicitors to those more in the know (I'm a FTB). Had an offer accepted and wondered if it was a good idea to use same sollicitor as the seller? Clearly, a conflict could arise here but it would be more efficient I suspect (desperate for this to go through without any hiccups!). Feel free to give me a kick up the backside and tell me why this is not a good idea. I cannot quite get my head around it in my excited state. 
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Comments
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I'm in a similar situation to you - I want to use the same solicitors to sell my current home as the buyers who want it !
Apparantly, you can use the same firm of solicitors, as long as there is separation between the two solicitors acting for the seller & purchaser. For example, my solicitor is based in one office & my buyers solicitor, although the same firm, is based in another town. He called it Chinese walls or something (reminds me to google the term!)
ETA: here's the Wiki link re chinese walls"Science is a wonderful thing if one does not have to earn one's living at it" Einstein 19510 -
If you use the same firm how you can really be sure there is no conflict of interest?RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
Hmmm, I know. Apparantly, it's something that's done fairly regularly between different departments of financial institutions to ensure no insider trading. So, although not an ideal situation, it is possible.
In our case, both parties use the same firm as their family solicitors, so we're both not wanting to use another ! I would (as am sure the OP would too) appreciate any further comments from you given that you would have probably come across this situation before ?"Science is a wonderful thing if one does not have to earn one's living at it" Einstein 19510 -
personally i wouldn't as i would worry about which party they were truly acting for, but it's up to you'We're not here for a long time, we're here for a good time0
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why risk it..its the most expensive thing you will ever buy.......too much risk...It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
yep. i'm going to go with my own solicitor. thanks guys.0
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Hmmm, I know. Apparantly, it's something that's done fairly regularly between different departments of financial institutions to ensure no insider trading. So, although not an ideal situation, it is possible.
Would always be best to use your own so no possible conflict can occur.
Also, financial institutions are liable to slightly ignore Chinese Walls - the situation is for example, bank has loaned money to company and knows the terms of repayment / restructuring conditions and such like. The bank also has a bunch of prop traders who should never know that information, but potentially will have a massive market advantage to know the banks loan structure to companies....
It was interesting in market turmoil which groups are long / short CDS protection and with which bank the trades originate....
So always try and avoid potential conflict of interest - especially on such a huge purchase.0
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