£50 cheap conveyancing fees - why take the risk?
50 cheap conveyancing fees - why take the risk
?
Your house. Your investment. Whichever it is, you are probably paying over more money for a single item than you ever have. Yet there are vast numbers of internet outfits who would disrespect your purchase by promoting their best and only quality how cheap will handle the important legal paperwork needed to ensure that ownership properly passes over to you.
Why is this disrespectful?
Because they assume that you consider a cheap' price as more important than a thorough (if not correct') service. Why pay 50, why pay 99, why even pay less than 500 if the result to you is bad legal advice, problems when you move in, and problems when you come to sell. The lower the price, the less you get, simple as that.
Of course it is important to shop around in case you are being ripped off, and a better deal is around the corner, but so many people think my deal is straight forward' so why not do it on the cheap. The problem is that the deal rarely is straight forward it can be by using someone efficient and experienced but go cheap and you encounter more difficulties than you would by having paid a proper fee.
But if that is the case, why do so many bucket shop outfits thrive? Two main reasons:
- They pay Estate Agents big cash sums to recommend them to you. The Agent is getting cash, they don't care if you get bad legal advice
- They may be owned by an Estate Agent, so clearly the Agent is going to practically force you to use them
But why are cheap outfits worse than the alternative?
The alternative which you could have is where you receive:
- your own personal conveyancing solicitor or legal executive start to finish
- a Firm who has Lexcel accreditation
- the conveyancer's personal email and telephone number
- regular updates by email or phone by your own solicitor/legal executive - and not fobbed off to a website for updates
- a promise that the office will not close for lunch or dead at 5pm
- where your calls and emails get straight through to your conveyance, never to a case handler' or a Team number'
- where your conveyance is legally qualified with a Degree, and has a minimum 10 years of conveyancing experience
Every sale or purchase has a minimum amount of work, where if corners are cut, mistakes happen, and you end up with a defect in your ownership. But over and above that minimum of work, sure, corners can be cut to keep costs down and you still will get ownership of the house, but you will also get there in such a slow, unprofessional way, with calls not returned, emails not returned, never speaking to your conveyance. But if that does not matter than go cheap.
The problem is that many outfits do cut corners on even the minimum amount of work, and that is because they use unqualified and poorly trained staff, where someone with some legal training sits in a windowless room checking these unqualified staff's work...scary if that is your house.
So the cheaper you go you can expect to start to get:
- sorry, he is with a client' more and more when you call
- sorry he is a lunch' or he has gone home'
- I will put you through to his assistant/secretary'
- I will need my Team Leader to sign off'...which is code for I haven't got a clue what I am doing
- Several people working in stages on your house move so you don't know who to ask for
- You are given a Team or Case Handler
- You do not get an actual solicitor to look after you, but someone less legally trained if at all
- You start to get computer generated, mistake infested letters
- You don't receive a bound written report on the purchase papers to explain it to you properly, but rather a trickle of letters with document here and another document there giving you no overall picture of what you are buying
- Hidden charges start to creep in, as the 50 or 99 headline fee is just a gimmick to disguise where they add on their pure profit. Examples of this:
Filling in a stamp duty form
Acting for a mortgage company
An amount towards a competition!
ID checks
Huge fee to do a bank transfer
A charge to repay your mortgage
A charge to send off searches
...the list goes on
If that happens, well it's too late, you went cheap and you just have to hope that errors do not creep in, fees do not end up higher, mistakes do not come to light once you move in, and worst of all, you not have problems selling your property on.
The best advice is not to go cheap, and to pay a proper fee, as if you pay such disrespect to the quality of the conveyance you want, how can you expect them to have any more respect in the work they do for you. You only need to read property forums on going cheap with conveyancing and the outfits to avoid to know this is good advice but so often realised once it is too late.
My other articles give you pointers on how to choose a good conveyancer.
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