When is Cheap Conveyancing really cheap
Having explained how so called cheap conveyancing can turn out to be not cheap at all, the purpose of this section is to explain how to identify cheap conveyancing which is truly cheap.While cheap conveyancing fees play a part, the reality of the situation is that conveyancing in England and Wales is probably the cheapest in Europe. In actual terms conveyancing fees charged by solicitors, as a result of cut-throat competition, have hardly increased at all for decades and consumers have enjoyed a massive reduction in real terms. Just compare, for instance, the fixed price conveyancing fee charged by solicitors of some hundreds of pounds to the thousands of pounds charged by way of estate agency commissions.
Cheap conveyancing legal fees can sometimes lead, sadly, to low standards of service.
True cheap conveyancing is to be found by instructing firms with low cost bases and whose volumes are such that they are able to command discounts from third party suppliers such as search agents and/or title insurers. Further articles will explain the importance of pre-contract searches and also the increasingly important role played in conveyancing by title insurers. It is false economy to utilize conveyancing firms who quote cheaply for searches by the simple expedient of not carrying out "all usual searches", as required by the Council of Mortgage Lenders handbook. Smarter consumers will instruct solicitors who do carry out all usual searches, but do so by using search agencies who are prepared to discount for volume business. Similarly, solicitors should maintain a panel of insurance companies to whom they refer general insurance business, in accordance with the General Insurance Code. Next time you ask for a cheap conveyancing quote ask the conveyancer to confirm that they comply with the General Insurance Code and that as part of the broking exercise competitive premiums for title insurance are sought, together with - of course- checking the underlying capital adequacy and other financial ratios of the insurance companies concerned.
So to sum up, if you want cheap conveyancing without tears then make sure you use a firm which has:
- A low cost base away from expensive city centre offices
- A recognized service standard, such as Lexcel
- Sufficient Volumes of Activity
