15 Aug Concerns over price transparency as solicitors fail to be upfront about their costs.
Concerns over price transparency when clients are hit with unexpected bills when their purchase is complete as solicitors fail to be upfront about their costs.
That’s the finding of a review by the Solicitors Regulation Authority (SRA) that raised concerns about hidden costs.
This is an issue that will be of no concern to Moneywise Conveyancing customers because we are transparent about all fees and charges involved in every transaction from the start, including any Stamp Duty Land Tax (SDLT) applicable.
The SRA review revealed that in one third (34 percent) of cases, initial quotes did not include fees for additional work that are an essential part of any conveyancing process, which should have been reasonably anticipated from the outset.
Those additional fees include bank transfers, electronic ID checks and mortgage administration fees, none of which can be avoided when buying a property.
Significantly, more than a third (37 percent) of firms did not inform their clients that they added a mark-up to the charge for a bank or telegraphic transfer of funds. Remarkably, some clients were charged 10 times the fee set by the bank when they received their final bill.
Moneywise Conveyancing’s complete transparency about fees puts our clients in control, and are kept fully informed should additional fees and charges be incurred.
“It is disappointing to see examples of poor practice in conveyancing, which is so important to so many people” stated Anna Bradley, SRA Chair.
“While many law firms and solicitors provide a good service and act in their clients’ best interests, those who don’t are letting down not only their clients but also the profession as a whole. People should be able to rely on their solicitors to be open about what their services will cost and to explain the potential financial and legal implications of any transaction.”
At Moneywise Conveyancing, you can be sure that all costs will be included from the outset when our clients are given a quote, as a complete breakdown of each and every charge is also provided before making the decision of instructing us.
Rest assured, with Moneywise Conveyancing you are in safe hands.