The Government has voiced a possibility of encouraging buyers and sellers to both work with the same conveyancing solicitor.
This follows research that claims 47% of buyers thought delays were down to the sellers solicitor, whilst 58% of sellers blamed the buyer’s solicitor.
When asking for more evidence to improve the housing buying and selling process, the Department for Communities and Local Government raised the question; ‘Would there be an advantage to encouraging buyers and sellers to use the same conveyancing provider?’ and how it could work without raising conflicts of interest.
The press have been quick to propose bans against referral fees, after raising concerns that some people are ‘guided by their estate agents’ toward using certain conveyancers, as well as a faster introduction toward e-conveyancing.
In an attempt to reduce the amount of buyers pulling out of transactions, the Government have made plans to re-distribute home information packs- so buyers understand rules about property boundaries, disputes, lease lengths and service charges.
Hannah Halden, a member of the property team at DBS speaks of the benefits when dual representation is used during property transactions: ‘When we act on behalf of both the buyer and the lender it speeds up the process as there are less parties involved and we can deal with both the buyer’s needs and the lender’s requirements simultaneously.’
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