Conduct issues Flashcards
Can a solicitor act for both buyer and seller?
No, it creates a conflict of interest.
Can a solicitor act for both buyer and lender?
Yes, if the lender is an institutional lender and the solicitor maintains client confidentiality.
What is required regarding deeds for unregistered land with a mortgage?
The seller’s solicitor must not release the deeds until they can redeem the seller’s mortgage on completion.
What happens if contracts are exchanged via telephone?
Both solicitors must send their own client’s signed part of the contract to the other; the buyer’s solicitor sends the buyer’s 10% deposit to the seller’s solicitor.
What undertaking must the seller’s solicitor provide if there’s a mortgage?
They must undertake to redeem the seller’s mortgage out of the sale proceeds on completion.
Why is client confidentiality important when acting for a buyer and lender?
It ensures that the interests of both the buyer and the lender are protected and that sensitive information is not disclosed between the parties.
What is the standard certificate of title?
A document provided by the solicitor to the lender, confirming that the title is good and marketable, usually in the context of a mortgage transaction.
