Simple Conveyance?

[bmwmike]

Hello

Bit green around the ears in terms of property stuff so hoping for a bit of advice please.

Where a property is owned jointly by two siblings, and one wishes to buy the other out - can the same solicitor act for both the seller and the buyer or is there some conflict of interest type reason that two separate solicitors would need to be involved?

The family/usual solicitor is acting for the buyer, and is advising the seller that they "may" need their own solicitor - when pressed on whether "may" is "will" the solicitor didn't seem entirely sure, but just said we need to make sure the seller has had "independent advice". I don't know what that means and the solicitor didn't seem sure either.

On the fact of it, its a very simple transaction from sibling 1 to sibling 2, isn't it?

Thanks

[Magicmushroom666]

When I did a similar family transaction, the 'buyer' had a solicitor, I didn't have one and apparently didn't require one, just signed some paperwork at their solicitors and job done. There was no mortgage involved which might have simplified things.

[bmwmike]

Ahh, yeah, forgot to mention there is a mortgage involved, Apparently, according to the solicitor, that means the solicitor for the buyer is basically acting for the mortgage company.

In any case, i'd have thought its just a matter of signing a few forms anyway.

[T6 vanman]

IANL but T6 junior has just bought from family (without mortgage) and all was done by one solicitor,
Basically, land registry and transfer documents.

Initially due to T6 J going the mortgage route the solicitor would only act for the 'selling' side and would not take instruction from T6 J but as soon as the mortgage was no longer needed .. they said they could complete all actions needed for both parties (instructed by the selling side).

BTW .. Thanks to Sarnie for the sage advice although ultimately another route was found/used .... he'll understand

[bmwmike]

All sorted; solicitor found a way forward for a fair price (£350).

Thanks for the inputs hopefully this helps someone else in future.

[Panamax]

bmwmike said:

All sorted; solicitor found a way forward for a fair price (£350).

Presumably that figure doesn't include the Stamp Duty and Land Registry fees, but there's no way around those on a purchase. Don't forget the possible CGT implications of the sale as well.

[bmwmike]

Panamax said:

bmwmike said:

All sorted; solicitor found a way forward for a fair price (£350).

Presumably that figure doesn't include the Stamp Duty and Land Registry fees, but there's no way around those on a purchase. Don't forget the possible CGT implications of the sale as well.

Right, those are for the buyer though. The £350 is the seller fee. No CGT implications but good reminder.