Summary of Pros and Cons of Separate Representation

Advantages

1. Clarity of the obligations of solicitors and removal of any possibility of a conflict of interest arising, thus ensuring that clients on both sides of a security transaction receive truly independent advice.
2. Reduction in the number of negligence claims arising from breach of CML Handbook or BSA Mortgage Instructions. Ultimately this should reduce the cost of PI insurance. 
3. Reduction in lender panel management costs and panel compliance costs for solicitors.
4. Reduction of mortgage fraud.

Disadvantages

1. Inevitable increase in borrowers’ conveyancing fees, due to the involvement in transactions of another firm of solicitors. 
2. Likely delays in conveyancing transactions involving a mortgage, due to more complex procedures and parties.