Providing quotes for residential conveyancing - survey
Please complete our survey about how you quote for residential conveyancing work. This should provide the information we need to establish how we can best help with the issue.
The Competition and Markets Authority (CMA) released the final report of its legal services market study in December 2016. The report highlighted a lack of information available to consumers as the key problem in the sector and made recommendations to the SRA and other regulators to address this. One of the practice areas they are keen to look at is conveyancing. This is primarily for residential conveyancing but could also include commercial conveyancing for small and medium enterprises (SMEs).
The CMA concluded that consumers struggle to make informed choices as a result of a lack of transparency about price, quality and service.
There are some additional challenges when providing information about conveyancing services. This is because consumers are often not aware that the conveyancing fees may only be a very small proportion of the total fees, costs and taxes they will need to pay when buying or selling a property.
They may be are unaware of the amounts they may have to pay:
- in stamp duty land tax (SDLT), if they are buying, or;
- the costs of estate agents, if they are selling
- the amount charged by the landlord and /or managing agents, if the property is leasehold.
These costs may be far higher, sometimes by thousands of pounds, than the conveyancing fees.
Consumers do, of course, need to know how much they will have to pay in total at a very early stage.
Please tell us how you generate and communicate quotes to your prospective clients by completing this survey by Tuesday 29 August.
See the CMA study