B4: Engagement Waiver for Mortgage Lenders

The Professional Practice Committee considers that it is unnecessary to provide written information as required by rule B4 at least in domestic security transactions, as lenders are setting out the terms of the relationship in their instructions to solicitors and fees will require to be paid by the borrower.

In these circumstances the Committee has granted a general waiver where practice units are acting for both the lender and borrower in domestic conveyancing transactions. Where the practice unit is only acting for the lender, or is acting in a commercial security, the rule still applies.