In certain cases, both the buyers and sellers will trust the same conveyancing solicitor for dealing with the process of conveyancing. Estates agents may promote the same conveyancer to act for both the buyer and seller, to reduce the cost. They also consider it to be easier than dealing with two conveyancing solicitors.
Though many people speak about the drawbacks of this arrangement, the law certainly allows a conveyancing solicitor to act for both the parties in a transaction. In such cases, the conveyancing solicitor is obliged to disclose this matter to both the clients. They should also obtain the consent of both the clients in writing.
However there are some risks in choosing a single conveyancing solicitor. The property lawyers might not always be able to provide the complete information on any matter to either or both of the parties.
The property conveyancing lawyer may never offer advice which is against the interests of the other party. Generally, property conveyancing lawyers will explain in detail about the pros and cons of this step. The conveyancing process can be moved forward only if both the parties agree in writing. Hence, you get enough time to consider all factors before making the decision. Even though this is a no win situation for the conveyancing solicitors, there are many who prefer this practice. In case a conflict of interest occurs and any of the clients file a case against the conveyancer, the estate agent will also be considered to be a defendant.
Before signing the agreement, it is wise to consider a few facts. It is not easy for any professional to act independently for both these parties. The probability of conflict of interests is naturally high. Even if the conveyancing solicitor stays impartial and stands on the side of justice, the aggrieved might feel that the conveyancing solicitor has protected the other party. Mutual understanding between both the parties can solve this issue.
In case a conflict arises between two parties, then both of them should find a new conveyancer. Both parties will have to start everything from the beginning once again. Once a dispute occurs, then you will have to pay even higher amounts, but if you can act carefully, it will help reduce the cost of conveyancing.
Purchase and sales of a property is not a trivial affair. For most people, it might be the largest investment of their life. Hence putting such a huge affair at risk is never a wise move. Calculating your moves well in advance will help you complete the task without burning a hole in your pockets.
