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Can the same solicitor act for buyer and seller?

Mouslouse
Mouslouse Posts: 2 Newbie
in House buying, renting & selling
My son is buying my flat that he is renting from me. We want to use the same solicitor to save fees.Is this possible? He will pay for it at £5,000 a year interest free for 20 years.
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Comments

  • Tom99
    Tom99 Posts: 5,371 Forumite
    1,000 Posts Second Anniversary
    Its usual to get two solicitors from the same firm it that sort of situation, but email a few and ask.
  • NineDeuce
    NineDeuce Posts: 997 Forumite
    Just pay him more than the other person and he will get you a better deal
  • DoaM
    DoaM Posts: 11,863 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    NineDeuce wrote: »
    Just pay him more than the other person and he will get you a better deal

    Have you replied to the wrong thread?
  • NineDeuce
    NineDeuce Posts: 997 Forumite
    DoaM wrote: »
    Have you replied to the wrong thread?

    I will leave that question on the board....
  • LEJC
    LEJC Posts: 9,618 Forumite
    edited 24 October 2017 at 2:02PM
    Mouslouse wrote: »
    My son is buying my flat that he is renting from me. We want to use the same solicitor to save fees.Is this possible? He will pay for it at £5,000 a year interest free for 20 years.
    I'm sorry but is this another thread where the initial question throws up far more questions than the original one .....

    its not a conventional buy and sell is it?

    At what point does your son then own the property....after the first payment or the last?
    frugal October...£41.82 of £40 food shopping spend for the 2 of us!

    2017 toiletries challenge 179 out 145 in ...£18.64 spend
  • xylophone
    xylophone Posts: 45,552 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I am assuming that you are not living in the flat so that it is not your PPR.

    You are selling the property to your son which is a disposal for CGT purposes, albeit on a "payment by instalment" basis.

    It is also a sale to a "connected person".

    I think you might need to look into the CGT aspect (if you have not done so already).

    Your solicitor may regard acting for both of you as a potential conflict of interest.

    He may well suggest that another member of the firm acts for your son.
  • steampowered
    steampowered Posts: 6,176 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    It might be possible to use the same solicitor.

    As the sale is taking place between family on agreed terms, then providing both parties consent to the conflict of interest, I don't see a problem.

    You can ask a solicitor to find out.
  • aneary
    aneary Posts: 921 Forumite
    steampowered wrote: »
    It might be possible to use the same solicitor.

    As the sale is taking place between family on agreed terms, then providing both parties consent to the conflict of interest, I don't see a problem.

    You can ask a solicitor to find out.

    Unlikely there is a contract the contract will be written for the Son or the Mother the other will need to get independant legal advice. If the firm is large and has two solicitors to deal with this then you may be able to use the same firm but not the same solicitor otherwise there will be a conflict of interest.
  • DoaM
    DoaM Posts: 11,863 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    Mouslouse wrote: »
    My son is buying my flat that he is renting from me. We want to use the same solicitor to save fees.Is this possible? He will pay for it at £5,000 a year interest free for 20 years.
    NineDeuce wrote: »
    Just pay him more than the other person and he will get you a better deal
    DoaM wrote: »
    Have you replied to the wrong thread?
    NineDeuce wrote: »
    I will leave that question on the board....

    You can leave it all you want ... your first reply seems to have no relevance to the OP whatsoever.
  • spo2
    spo2 Posts: 265 Forumite
    Tenth Anniversary 100 Posts Name Dropper
    Yes it is. We used the same solicitor when buying a house from my parents. So long as there is no conflict of interest, it is possible
This discussion has been closed.
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