Advice on Solicitor sharing?

darsar

Hi,

I'll keep it brief as possible. Basicly I am about to buy an apartment but it turns out the the apt. i want to buy, i know the owner of it. He wouldn't be a really good friend but i know him to talk to.

Anyway, he works in the property business and uses his company solicitor and has suggested that we skip the estate agent, do a deal by ourselves and we can use his solicitor and then halve the solicitor fees between us.

I have heard that its not such a good idea for the buyer and seller to be using the same solicitor, any views or advice apreciated.

TIA

Jamegg

Beano

I didnt think a solicitor was allowed to act for both sides in a transaction. Wouldnt there be a conflict of interest?

darsar

Beano wrote: »

I didnt think a solicitor was allowed to act for both sides in a transaction. Wouldnt there be a conflict of interest?

I thought the same but this guy seems to think they can. Maybe he was suggesting i use the solicitors they use but not exactly using the same solicitor for both of us, just different personnel from the same offices.

Tom Young

Caveat emptor, or let the buyer beware!

dermot_sheehan

Bad idea, solicitor shouldnt let this happen as he'd be acting for two clients with a conflict of interest.


it may all be nice and rosey now, but 5 or 10 years down the line, if a defect in title is dicovered, etc etc it wont be

grumpytrousers

jamegg wrote: »

I thought the same but this guy seems to think they can. Maybe he was suggesting i use the solicitors they use but not exactly using the same solicitor for both of us, just different personnel from the same offices.

that's allowed; insofar as X is selling to Y and both X and Y have their solicitors in the same firm but are *not* the same person.

The idea is that an effective 'chinese wall' is put up...and both solicitors must act as though they were in different firms. In other words, the solicitor for the purchaser must still ask all the awkward questions about planning and the solicitor for the vendor must answer them.

they can't have a quick chat in the kitchen, agree that it's all good and sign off on the deal!

darsar

grumpytrousers wrote: »

that's allowed; insofar as X is selling to Y and both X and Y have their solicitors in the same firm but are *not* the same person.

The idea is that an effective 'chinese wall' is put up...and both solicitors must act as though they were in different firms. In other words, the solicitor for the purchaser must still ask all the awkward questions about planning and the solicitor for the vendor must answer them.

they can't have a quick chat in the kitchen, agree that it's all good and sign off on the deal!

Thanks for the clarification from yourself and others in this thread. I think it would be safer to just fork out the extra €xxxx and have a different firm. Saving say €1000 approx. by using his solicitors, could cost me alot in the future.

Thanks to you all.

Victor

jamegg wrote: »

Anyway, he works in the property business and uses his company solicitor

I think this is a no-no. There is the potential for the seller to bring pressure on the solicitors firm. Always a good idea to get independent advice, especially if you know or are related to the seller - sales have been overturned where 'cute hoor' relatives have made elderly relatives sell up.

He is also likely to stiff you for the full fees. Its happened.

grumpytrousers

Victor wrote: »

I think this is a no-no. There is the potential for the seller to bring pressure on the solicitors firm. Always a good idea to get independent advice, especially if you know or are related to the seller - sales have been overturned where 'cute hoor' relatives have made elderly relatives sell up.

He is also likely to stiff you for the full fees. Its happened.

furthermore, and thanks to Victor for sorta reminding me...if X is selling and Y is buying they can have different solicitors in the same firm ASSUMING that X is a private seller. If X is a builder selling a new property, then the odds are stacked in his favour by virtue of the perception that obviously the solicitor in any firm would be more prejudiced towards him as he provides more work to the firm. In such cases, it's forbidden for the same firm to act on both sides.

In the present circumstances, I'm not sure that the solicitor would be impartial towards the OP...even though the solicitor might not be representing a builder, per se...as OP says, in this case, might be as well to go to another solicitor.

IRISH RAIL

what if it was your brother buying off me ? price was prearranged and there were no issues and we were doing it to save time rather than money would that be allowed?

Victor

IRISH RAIL wrote: »

what if it was your brother buying off me ? price was prearranged and there were no issues and we were doing it to save time rather than money would that be allowed?

What if the brother came back in 5 years time and claimed that you had undue influence over him, due to you bullying him all his life, his lack of self esteem and you convincing him it was the right thing to do? And you lied to him?

grumpytrousers

Well so long as brother A and brother B have a different solicitor (even if they're in the same firm) it's okay; the solicitors job is only to advise on the issue of the title of the property. If Brother A chooses to pay significantly under or over the odds, that's his own business, although most solicitors worth their salt would probably mention in passing to Brother A that this might appear iffy and that from a stamp duty perspective the Revenue will have to be informed.

Having said that, penny wise/pound foolish. NEVER have the same person act as solicitor for A and B, but after that, assuming neither is a builder, there should be no problems. On the other hand, if somebody thinks, even with just the tiniest of niggly thoughts at the back of their minds, that they really should get somebody else to act, then it's one of those cases where instinct is best followed...

IRISH RAIL

Victor wrote: »

What if the brother came back in 5 years time and claimed that you had undue influence over him, due to you bullying him all his life, his lack of self esteem and you convincing him it was the right thing to do? And you lied to him?

Should be the other way round:D
im desperate to sell hes desperate to buy no stamp duty involved sounds plain enough I dont think things would be that dramatic

Victor

You mean you exploited him and his wife and eight children who were living in a dingy bed-sit, desperate to move anywhere and you emotionally blackmailed him into him minding your parents as well and you got him to pay over the odds on a falling market, using all the compensation money from his accident that left him brain damaged?

IRISH RAIL

NAH see my other thread on legal issues the violent ex thing

Maximilian

It can be done but is generally inadvisable unless for example there is a blood relationship or something like that. In this case I really wouldn't recommend it.

IRISH RAIL

Sorry op for hijacking the thread yea had a chat with the bro
going to go with three soliciters in one office to save time