Solicitors' Code of Conduct 2007 - Solicitor acting for a lender and a borrower in a conveyancing transaction
The Solicitors' Code of Conduct 2007 (the Code) came into force on 1 July 2007.
The Code replaced, with effect from 1 July 2007, the rules of professional conduct contained in the Solicitors' Practice Rules 1990 (SPR). The Code applies to all solicitors acting in England and Wales.
This Practice Note deals with the situation of a solicitor acting for a lender and a borrower in a conveyancing transaction. Rule 3.16 of the Code replaces Rule 6(3) of the SPR, which provides that, as a general rule, a solicitor cannot act for both the lender and borrower on the grant of a mortgage of land.
Where the mortgage is a "standard mortgage", however, joint representation is permitted, subject to there being no conflict of interest and to certain conditions being complied with.
Note: The Solicitors Regulation Authority (SRA) Handbook, which is fully in force from 6 October 2011, replaces the Solicitors' Code of Conduct 2007. PLC has published the following Practice notes on the new handbook: