Dual representation, also known as joint representation, occurs when both the borrower and the lender use the same solicitor during the mortgage process. This arrangement can streamline communication and reduce costs, as one solicitor handles the legal work for both parties.
In a dual representation setup, the solicitor acts for both the borrower and the lender, ensuring that the legal interests of both sides are addressed. This can simplify the process, making it more efficient and potentially faster, as there are fewer parties involved in the communication and negotiation stages.
However, dual representation is only possible if the solicitor is on the lender’s panel. If the solicitor you have chosen is not part of the lender’s panel, they will need to get registered, which can cause delays. Furthermore, if you have already engaged a solicitor who is not on the lender’s panel, it might not be worth switching to dual representation, as the lender could charge an additional legal fee.
Not all lenders allow dual representation. Some prefer to have separate solicitors for the borrower and the lender to avoid any potential conflicts of interest and ensure impartiality. It’s important to check with your lender to see if they accept dual representation.
Choosing dual representation can be advantageous because it often leads to savings on legal expenses. With a single solicitor managing the transaction, there’s typically a reduction in legal fees, making the overall cost of the mortgage process lower.
Your GetGround mortgage broker can recommend the best option for you, helping you to save on legal expenses while ensuring a smooth and efficient mortgage application process.