When it comes to buying a property, many people may wonder if one solicitor can handle the legal process for both the buyer and the seller. However, the answer to that question is a bit more complex than a simple yes or no.
The quick answer is no, a solicitor cannot act for both parties when buying a property. The main reason for this is because there is a potential conflict of interest that could arise during the transaction.
As the solicitor is appointed to represent both the buyer and the seller, it is essential to ensure that they act in the best interest of their client throughout the entire process. However, if the same solicitor is acting on behalf of both parties, how can they ensure that they are acting impartially?
Let’s explore further why a solicitor cannot act for both parties when buying a property:
1. Conflict of interest
If a solicitor is acting for both the buyer and the seller, they may encounter a conflict of interest that could negatively impact both parties. For example, if the buyer discovers that the property has defects, the solicitor may reveal this information to the seller, which could lead to the seller withdrawing from the sale.
Alternatively, if the seller is aware of a problem with the property and decides not to disclose it, the solicitor may face a dilemma when deciding whether to reveal this information to the buyer, who may withdraw from the sale as a result. Either way, the solicitor’s impartiality would be compromised.
2. Professional ethics
According to the Law Society Code of Conduct, solicitors are required to act in the best interests of their clients, maintain confidentiality, and avoid any conflict of interest. If they were to act for both the buyer and the seller, they would be violating their ethical obligations as a solicitor.
3. Risk of litigation
If a solicitor is found to have acted inappropriately or breached their professional duties, it could result in costly litigation for both the buyer and the seller. Therefore, it’s in everyone’s best interest to use separate legal representation to avoid any potential legal disputes.
While it may seem more convenient to have just one solicitor handle the legal process for both parties when buying a property, it’s not in anyone’s best interest. The potential for a conflict of interest, ethical violations, and litigation make it essential to use separate legal representation for the buyer and seller. This helps to ensure that the legal process is fair, impartial, and transparent for all parties involved.
