Can a conveyancing solicitor act for the mortgage lender as well as the buyer?

When buying an interest in a property, your conveyancing solicitor will first receive a set of documents from the seller’s conveyancing solicitor. This will include evidence of their ownership, in the form of title documents from Land Registry, or a set of deeds. It should also include an Energy Performance Certificate (EPC) and a contract for sale.

Whilst inspecting these documents, it is normal for the conveyancing solicitor representing the buyer to conduct a number of searches against the property including Local Authority, Land Charges and Drainage and Water. Your conveyancing lawyer may recommend other searches depending on the property in question and its location.

In order to secure a mortgage it is common for lenders to request a building survey and an independent valuation. If your request for mortgage funding is accepted it is common practice for your mortgage company to request you cover the costs associated with preparing the legal documentation relating to the mortgage loan.

Due to potential conflict of interest, the law in England prohibits a conveyancing lawyer from acting on behalf of the buyer and seller. Despite this it allows the same conveyancing lawyer to act on behalf of a buyer and their mortgage company, providing that company is a standard bank or building society. Instructing your conveyancing lawyer to act in this way can save you time and money.

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