Conveyancing conflict of interest

[fhdl34]

I am wondering what conflicts could arise?
The vendors of the house we are buying have decided to use the same solicitors as us. We instructed them first, they had been instructed initially for the sale of our house and then we instructed them the day the vendor accepted our offer.
The first memo of sale that came through from the estate agent said they had picked another firm, then the following day we got another saying they were using a different solicitor within the same firm.
I raised some concerns with my solicitor by email, he replied not addressing all of them. We have now subsequently received a letter from them which they want us to sign confirming we understand if a conflict arises that the firm can represent neither of us.
I understand the Law Society has had a change that allows firms to do this but I feel we (and the vendor) stand to lose a lot of money if there is a conflict. But what potential conflicts are there? I just feel we both have less protection but I don't see why we should change solicitors. The estate agent said when I queried it the day I was informed that they would have to change solicitors.
I am feeling quite worried about it, and unprotected if we sign it and something goes wrong. We are not insured for the sale or purchase going wrong.
Can anyone help allay my fears?

Bump

On my last house sale, i've moved a lot, the purchasors used the same solicitors practice as us. It was the smoothest sale I've had in terms of communication. It wasn't a fast sale but neither was it a frustrating one because we felt in the loop. We were able to find out what was going on, so long as the purchasor was forthcoming. Answers to questions didn't take three days, they were generally same day.

That conflict thing would throw me though. Are you out of pocket yet? If so tell the other party you had first dibs, if not why not appoint someone else.

Thanks for replying, yes we've paid out £300. Did you have

Sorry, clicked send too soon!
Did you have to sign something similar to what they are asking us to sign?

We didn't sign anything from memory. They actually reassured me that they had seperate line managers and operated seperately so no conflict would occur. The did offer me a refund on my initial payment if i was uncomfortable with it.

I'm pretty sure it's up to the law firm to check for conflicts. You won't be out of pocket as they'd have to refund you. I don't quite see what the problem is. Don't sign anything you aren't comfortable with

it's whether they'd refund me for the work they are doing for my house sale. I want to still use them, I just don't want the vendor to unless I am reassured that there is zero chance of conflict, otherwise we'll both have to find new representation

Licensed conveyancers are entitled to act on both sides of a transaction, provided there is no conflict of interest and each client is, at all times, represented by a different ‘qualified person’. In a small firm however it might impact more where there are only a couple of qualified staff, for instance if one is away from the office.

Allowing a solicitor to act on both sides of a transaction is likely to lead to both time and cost savings for clients; most clients are more interested in speed, economy and convenience than in theoretical or perceived conflicts of interest. Statistically, the overwhelming majority of conveyancing transactions would appear to proceed to completion without significant conflict.

Bear in mind though, conveyancing is not just a matter of transferring the legal title. Solicitors are routinely required to consider planning and building regulation issues, fixtures and fittings lists, the possibility of indemnity insurance, and so on. It is very common for conflicts to arise relating to these issues. For example, if you were acting for both parties, how should you handle price negotiations? Should you make optional searches, such as for flood risks (since a seller will not appreciate his solicitor carrying out an optional search which identifies a risk which puts off the buyer)?