Self conveyancing

user1977

flyer said:

Slithery said:

flyer said:

Slithery said:

Will the vendor be using a solicitor? If so you'll need to use one as well as their solicitor will probably refuse to deal with you directly.

Yes they will, but I don't believe they can refuse to deal with me. 

Your belief is incorrect. Since money laundering regulations came in part of the buyers solicitors job is to confirm the source of funds. Saying to the vendors solicitor 'Don't worry, I've checked myself and it's all OK' doesn't tend to be believed.

I had this exact problem a few years ago and ended up having to use a solicitor. You can read my thread here...

https://forums.moneysavingexpert.com/discussion/5907529/self-conveyancing-an-auction-land-purchase

if money laundering is the only issue, then I'm comfortable as funds are coming from my company which has been established a few years.

The question is whether the vendor's solicitor is comfortable.

Slithery

flyer said:

interesting thread, but if money laundering is the only issue, then I'm comfortable as funds are coming from my company which has been established a few years.

It doesn't matter how comfortable you are, it's your vendors solicitor that won't be convinced.

flyer

I considered an alternative solution this morning whereby the vendor solicitor gets a colleague to act for me. his response was "I am afraid we are not allowed to act for a seller and a buyer in the same transaction". 

On checking this I'm not convinced he's correct?

Slithery

It's not illegal if done with the proper procedures in place, it might just be the firms own policy to never do it which is a perfectly acceptable position for them to take.

user1977

In any event their (existing) client is entitled not to want there to be a conflict of interest.

flyer

I'm really struggling to see a conflict of interest!

user1977

flyer said:

I'm really struggling to see a conflict of interest!

Acting for both the buyer and seller in a transaction is one of the clearest examples of a potential conflict of interest.

TBG01

flyer said:

I'm really struggling to see a conflict of interest!

Solicitor acts for both seller and buyer.

After reviewing the title, searches etc the Solicitor, acting in the buyers best interest, advices them that the purchase is too risky. The buyer subsequently pulls out. 

Vendor - "Why have you cost me my sale!??! I need that money! I'm going to sue!! Solicitors are useless!!!"

Can you not see why a Solicitor would want to avoid that situation?