property practice freehold transactions

Question 1

can you act for the seller and the buyer?

Answer 1

high risk of conflict where land is being transferred for value, especially where the client’s don’t have equal bargaining power on negotiation of price

the substantially common interest exception does not apply to property purchases

Question 2

can you act for buyer and lender

Answer 2

usually acceptable more so in residential transactions provided there isn’t a conflict or significant risk of conflict

high risk if:
1. mortgage not on standard terms
2. not using approved certificate of title.

informed written consent, safeguards et

Question 3

etridge guidelines

Answer 3

guidelines solicitors must follow when acting for two borrowers in situation where property charged in return for loan that is not made to all the property owners.