Whether purchasing or remortgaging a property, both the borrower and the lender providing the financing will require a solicitor to act on the case in order to satisfy the legal requirements. The responsibility for all legal costs incurred during the transaction lies with the borrower, so it is understandable that applicants want to ensure that they are getting the best deal possible.  

Solicitors commonly offer two types of representation to borrowers:

•    Separate representation – where the borrower’s solicitor acts for them and only them and the lender also has their own solicitor working on their behalf. 

•    Dual representation – where there is just one solicitor working for both the borrower and the lender.

But which of these should a borrower choose? Is one more cost-effective than the other? Dual representation is most typically offered for bridging and buy to let applications – it would rarely be suggested for a residential purchase or remortgage. Both separate and dual representation each have their own benefits and which is best for the individual will depend upon their personal circumstances.

Potential benefits of separate representation

•    The ability for the borrower to use their own solicitor with whom they may have already established a good relationship.
•    A wider selection of solicitors to choose from, including ones that are local to them.

Potential benefits of dual representation

•    Conveyancing costs may work out cheaper overall.
•    With just one conveyancer dealing with all aspects of the application, dual representation often ends up being a slightly quicker process than separate representation where there are more people involved.

It’s important for borrowers to have a clear understanding of these two conveyancing options to make an informed decision and brokers can help by making this a regular part of their client conversations. Ultimately, however, borrowers should carefully consider their individual needs and preferences to determine which option will best serve their interests.