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More than a third of conveyancing solicitors are misleading clients about the costs involved in their property sale or purchase.
A review by the Solicitors Regulation Authority (SRA) revealed that initial low quotes for conveyancing services fail to include essential fees and charges that the client must pay to complete their transaction.
Clients who choose to instruct a conveyancing solicitor through Capital Conveyancing will not, unlike those unfortunate buyers and sellers revealed by the SRA, have to pay any unexpected fees because of all our pricing is completely transparent.
We are always up front about the fees and charges involved in conveyancing services, ensuring clients stay informed and on top of their costs at all times.
That is not always the case as the SRA Residential Conveyancing Thematic Review has found. The industry watchdog visited a representative sample of 40 conveyancing firms to analyse 80 property transactions in detail.
The findings reveal that a third (34 percent) of initial quotes failed to include fees for the likes of bank transfers, mortgage administration fees and electronic ID checks.
All of these services are essential to complete a conveyancing transaction successfully, and so their omission from initial quotes was considered misleading by the SRA.
In some cases, the conveyancing solicitors imposed their own fee on top of the bank fee for transferring mortgage funds, in some cases 10 times the bank fee.
The SRA will now monitor how conveyancing solicitors publish their fees to ensure they offer best practice.
Fran is the content writer for Capital Conveyancing, producing articles on all aspects of the conveyancing process and around the UK property market in general. If there is a topic you'd like to see covered on these pages, please drop Fran a line on [email protected]