Conveyancing solicitors have been having a hard time during the recession. According to the Law Society Gazette the number of unemployed solicitors is up over 400 per cent since the start of the credit crunch. Just a few months ago 7,000 solicitors were made redundant in one go when two leading mortgage providers decided that conveyancing services would no longer be provided in house.
So what does this mean for you if you’re looking for a conveyancing solicitor for your house sale or purchase? Well it’s pretty great news, that’s what!
In real terms, hiring a conveyancing solicitor has never been cheaper than it is today for two reasons:
1) the recession has resulted in conveyancing solicitors chasing far fewer transactions – house sales are still running at less than a third of the number at the peak of the market; and
2) the internet has massively increased the level of competition amongst conveyancing solicitors and brought prices crashing down as a result. In the old days solicitors only had to compete against the other law firms in their town. Today, the legal work for a conveyancing transaction can be done from anywhere in the country.
Five years ago you might have paid £1500 for a transaction that today would cost you a fraction of that (Click here to get FREE, instant, no-obligation Conveyancing Quotes). So should you be looking in your local high street or online?
The advantage of an online solicitor is that you don’t have to visit the office. Everything can be done over the phone or by email. On the other hand, if you have a local solicitor and you need to hurry them along then it’s easier to chase them, because if you can’t get them on the phone you can always call by their office.
This may be important if getting your transaction through quickly is important. Solicitors are like everyone else – they will respond fastest to whichever client is applying the most pressure!
Our advice would be to use the internet to shop around for a range of quotes. These are provided for free and will usually be less than what you would be quoted on the high street. You can then use these quotes to negotiate down the quote from your local solicitor (who as we’ve already mentioned will be hurting from the recession and anxious to get your business).
If in the end there is not much to choose between your local solicitor and an online solicitor then your local solicitor is probably the best way forward. But if you can save yourself a worthwhile amount of money then don’t be afraid to choose the online option, because as we said above conveyancing can now be done from anywhere.
Many online conveyancing websites come with a no fee guarantee if the sale or purchase fails to complete. You should be aware that this only applies to professional fees and does not apply to the cost of any searches that have been done. High street solicitors don’t normally offer this, but you should ask for it anyway.
As a final piece of advice, insist on getting a fixed fee quote and make sure that expenses are included as these add up to quite a lot. Expenses are mostly known in advance so there’s no reason why your solicitor shouldn’t be able to provide them (note: they may refer to them as “disbursements” – they mean the same thing).
Most of the fees are payable on completion apart from some monies on account. This means that you pay a proportion of the overall fees upfront to cover some of the search costs, etc. Again, don’t be afraid to negotiate the size of the upfront fee. They need your business more than you need them!
Click here to get your FREE, instant, no-obligation Conveyancing Quotes.
