All property lawyers must now publish their prices, service and quality information on their websites as part of an industry-wide innovation aimed at empowering consumers by making the process more transparent.
Many buyers underestimate the cost of the additional fees involved in the homebuying process, including those charged by conveyancers. A recent survey by When You Move revealed 20% of homebuyers have been forced to turn to family or friends to cover unexpected fees.
A quarter of UK homebuyers said they would have pulled out of a property purchase if they had been aware of the true extent of the associated fees.
What information will homebuyers be able to access?
Under the new rules, which will help homebuyers make a more informed choice about who does their conveyancing, all property lawyers must now ensure they put all their cost information in a conspicuous place and also provide examples of their fees for a variety of cases.
They must also include information on how long it is likely to take to complete the conveyancing process and provide links to third party feedback platforms.
Regulatory information should be available for consumers so they can check solicitors’ credentials. Homebuyers must also be able to easily access details of lawyers’ complaints procedure.
Finally, conveyancers must also say if they enter into any referral arrangements and, if so, the average fee, or range of fees, they pay.
Stephen Ward, of the Council for Licensed Conveyancers (CLC), said: “The process of buying a home can be exciting and stressful in equal measure. The legal market is changing so consumers have the information they need to find the best advisers for them.”
He added: “Consumers should feel confidence in shopping around to find the conveyancer who will best suit their needs.”
Price comparison tools
Experts have welcomed the move, which they say will also make the industry more competitive. There has also been suggestions it could lead to online comparison services like those used by consumers to buy car insurance or change energy suppliers.
Andy Sommerville, director of Search Acumen, said: “We now expect to see price comparison services, either operated by conveyancers or a third party, where house buyers can get accurate pricing estimates for the fees they’ll have to pay based on their address.”
Click here for more information about finding and comparing solicitors as well as a more in-depth account of some of the other innovations aimed at helping to improve the house-buying process.
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