Moving home comes with a seemingly never-ending amount of expenses designed to drain you of time, money, and sanity. And hence it often seems tempting to try and cut costs on elements of the transaction that on the face of it seem unimportant. Such as the legal fees.
In recent years there has been a trend for cheap conveyancing, with several outlets popping up over the county. But as the pilot fiasco which has resulted in the cut-price airline, Ryanair abruptly cancelling over 2,000 flights, warns us, when you pay cheap, you often pay twice.
In many cases, the sale and purchase of a property is relatively straightforward. Friends who have used cheaper conveyancers in the past may tell you that their transaction suffered no ill-effects from going with a cut-price provider. However, it is likely that their sale and purchase was uncomplicated. If you want to understand the risks of using a cut-price conveyancing factory, you need to look no further than the Legal Ombudsman.
Expensive lessons
The Legal Ombudsman’s website contains a specific report on conveyancing factories and the misery and expense they have caused homebuyers[1]. For example, one client ended up with a bill some 65% higher than the original quote, despite the fact that the lawyer failed to keep them informed of any increases throughout the transaction. In addition, the sale of their house almost fell through because the solicitor went on holiday and failed to assign anyone else to the file (they were later reported to the Solicitors Regulation Authority).
In another unfortunate case, a house buyer discovered sometime after purchasing her apartment that the leasehold did not include a converted attic room. Her solicitor had failed to advise that the lease was at odds with the sales particulars. On top of her loss in property value, the client also had to pay legal fees for her ‘unauthorised’ use of the attic as well as further expenses to convert it back to its former state before she could sell the property. Unfortunately, she was left £50,000 out of pocket of which the Legal Ombudsman could only recover £30,000.
The danger of cyber-crime and identity fraud
Identity fraud is on the rise. Conveyancing transactions provide an ideal target for criminals; large amounts of money being transferred within relatively predictable timelines (a ruse dubbed ‘Friday afternoon fraud’).
The potential to be defrauded out of tens of thousands (or even millions depending on the size of the property transaction) of pounds is reason enough to ensure that you use an experienced conveyancing solicitor when buying or selling your property.
Picking a quality conveyancing solicitor
Your estate agent may recommend a solicitor to you. However, you are under no obligation to instruct the conveyancer they point you in the direction of.
When choosing a conveyancing solicitor, several factors will alert you to the experience they have and the importance they place on quality of service.
- Accreditations – Law firms are incredibly busy all the time. Therefore, if a legal practice has invested in obtaining accreditations such as Lexcel and the Conveyancing Quality Accreditation from the Law Society, they are likely to be deeply committed to providing quality service and client care. It is important to note that to obtain such qualifications, the practice must undertake comprehensive assessments to ensure they continue to remain up-to-date with the law and maintain excellent case management procedures.
- Manner and professionalism – It may sound obvious, but make sure you visit your conveyancing solicitor in person before you instruct them. Look for signs of organisation; for example, a clean and tidy waiting room, friendly staff who have a professional, organised demeanour. If the office is a tip, it is likely the working practices of the staff are not much better. When it comes to ensuring conveyancing transactions run smoothly, and all the necessary property searches are completed, organisation and attention to detail are paramount.
- Personal service – One of the best protectors against conveyancing fraud is how well your solicitor knows you. As the transaction progresses, your conveyancing solicitor should be conversing with you on a regular basis. They will, therefore, know your voice and mannerisms and will quickly spot any unusual emails. If they are required to transfer funds to another law firm, a good conveyancing lawyer will conduct at least two independent checks on the receiving firm, using databases such as Vendor Law Firm search and Lawyer Checker Search.
Final words
Paying slightly more for a conveyancing solicitor could save you thousands of pounds in the long-run, not to mention averting many sleepless nights.
Nalders Solicitors is one of the oldest and most highly respected law firms in Cornwall. Our experienced residential conveyancing team will manage the sale and purchase of your home in a friendly, professional manner. To make an appointment, please call us on 01872 241414.
[1] https://www.legalombudsman.org.uk/