4 min read
Many movers question whether they can share a conveyancer with the other party, hoping to save both sides some time and money. Read on to find out more.
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Most of the time, the buyer and seller can use the same conveyancing solicitor, provided there is no conflict of interest.
Continue reading our article below to find out benefits of using the same solicitor for both parties, what the regulations say and how to limit any conflict of interest.
Alternatively, if you are ready to make your move get your personalised conveyancing quote here.
If you’re looking to buy or sell a home, it’s only natural you want the process to run smoothly. However, if you’ve been in this position before, you may have already experienced the bumps in the road and additional costs that can crop up in the process. It’s for these reasons that many movers question whether a solicitor or conveyancer can act for both buyer and seller, hoping to save both parties time and money.
In this article we explain:
The process of buying or selling a home can be complex and bureaucratic – so you can benefit from using the same conveyancer to act for buyer and seller.
You can use the same solicitor to:
Reduce the number of parties involved and avoid unnecessary communications between conveyancers
Speed up the conveyancing process as the same systems, processes and timetables are applied on both sides
Avoid negotiations since both parties have the same interest and are working towards the same goal.
We work with conveyancers that can represent both parties to make your move as smooth as possible.
In a few scenarios, buyers and sellers using the same conveyancer can’t receive the level of personal care and professional advice they should because of what’s known as a ‘conflict of interest’. That’s why regulation is now clear that the same conveyancer can only act for both parties if several criteria are met.
Ultimately, it’ll be up to the conveyancer to decide if these criteria are met, and they can take your case on. Many conveyancers will be happy to consider doing so, and they’ll discuss any benefits or potential downsides.
In theory, a different conveyancer working for the same firm may represent each party, which can go a long way in avoiding potential complications.
There are two types of conflict of interest:
Client conflict: When there’s a clash between the buyer and seller’s best interest. This means the conveyancer either shows preferential treatment to one party or is unable to provide full legal advice to one party without it being detrimental to the other.
Own interest conflict: When there’s a clash between the conveyancer and client’s best interest; financial or personal.
The most up-to-date regulations don’t make separate representation for buyers and sellers compulsory. Instead, they list the circumstances in which this would be allowed. If none of these criteria are met, then the conveyancer must choose one party to represent, otherwise they would fall foul of their regulatory Code of Conduct.
Contact us to find out more about conflict of interest for your own case.
If there’s a high likelihood of a conflict of interest between you and the other party, then you won’t be able to have the same firm act for buyer and seller. But if the solicitor can find a way to minimise the risk of a conflict of interest, then it should be possible for both parties to use the same conveyancing firm.
The bargaining power of each party and how likely they are to use it
Any unique vulnerabilities in each party’s situation
The length of the chain – and position within it – in which the parties find themselves
Inform both parties in writing about the risks and consequences if the conveyancer must stop acting
Ask both parties to give informed consent in writing, acknowledging the situation
Record an analysis of the factors they’ve considered to conclude they can act for both parties
Ensure each party is represented by different individuals from the same firm
Want to learn more about how conveyancing works? Take a look at our handy conveyancing guide.
If you’re buying and selling a property at the same time, you’re the only party involved in the process and there’s no conflict of interest. This means you can benefit from using the same conveyancer, who can help you speed up the process and complete as soon as possible.
Get your free personalised conveyancing quote today
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