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Hi, what are the implications of a solicitor borrowering money

Resolved Question:

Hi, what are the implications of a solicitor borrowering money to a client in his personal capacity in the uk in a conveyancing transaction. The funds are being borrowed to an establised client of the firm, who has sought independat advice and is happy to borrow the funds. The solicitor borrowing the money is doing so in his personal capacity will hold no interest or other stake in the transaction, he is simply helping an establised client in his persoanl capacity.
Submitted: 4 years ago.
Category: UK Law
Expert:  Thomas replied 4 years ago.

Hello,

 

Thanks for your question.

 

Is the solicitors who is acting as lender also acting as the conveyancer for the transaction, or does he also act for the client in other areas of legal practice?

 

Kind regards,

 

 

Tom

Customer: replied 4 years ago.
Yes he is acting in the conveyance and acts in other matters. Thanks
Expert:  Thomas replied 4 years ago.

Hello,

 

Thanks for your reply.

 

It is not prohibited in itself for a solicitor who's acting in a conveyance to lend money to the client, but it would be for the solicitor doing so to decide whether there is a conflict of interest. This means that the must still be able to act in the best interest of the client, it may be a problem where the solicitor is insisting on onerous terms of the lending of the money and if the client is taking independant legal advice on the arrangement then they would check to rule out such terms.

 

In any event, it would be the solicitors problem if there were a conflict not the clients.

 

Please kindly click accept.

 

Kind regards,

 

 

Tom

Thomas, Lawyer
Category: UK Law
Satisfied Customers: 6655
Experience: BA (Hons), PgDip, Practising Solicitor
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