The Law Society of Scotland has launched a consultation with solicitors, lenders and consumer interest groups on proposals to change its rules on conflict of interest in property transactions.
At the moment a single solicitor can carry out work for a client wishing to buy a residential property and their lender, however, solicitors voted in March to remove an exception to its conflict of interest rules which allows them to act for both parties.
Members will be invited to vote on the proposed rule change in September at a special general meeting (SGM) following the consultation launched yesterday.
Ross MacKay, convener of the Law Society’s Property Law Committee, said: “Solicitors voted in principle for change at the Law Society’s annual general meeting in March this year.
“We now want to ensure that we gather as many views as possible from solicitors and others, including the lenders and consumer interest groups.
“The consultation findings will be made available to all members to consider before they are invited to vote at the SGM in September.”
The consultation is now open, with a closing date of 11.59pm on Sunday 21 July 2013.
Further information about the consultation can be found here.