How much does a property lawyer pay for getting my conveyancing business?
When your estate agent or another business recommends a conveyancing solicitor or a licenced conveyancer, the property lawyer pays them a referral fee. This fee is usually passed on to you, the client. Don't believe us? Have a look here http://www.myintroducer.com/view.asp?ID=7103 or at The Negotiator's website
You may be surprised to learn that some referral fees are in the £100s, simply for your conveyancing business. This can be why fees for conveyancing vary so widely. Read the small print before you sign any agreements! Every website should detail how much they receive for passing business to the conveyancer. Reallymoving.com publishes this here.
The Solicitors Regulation Authority, which regulates conveyancing solicitors has a strict referral code. The full details can be seen here. Solicitors are required to set out a full quotation which details their fees, the disbursement costs and associated expenses with your transaction. They are also required to reveal how much they paid for your referral. Look at this closely.
The Council for Licenced Conveyancers has a ‘Guidance Note 6’ which states the Conveyancer must “disclose to a Client in writing, as soon as they are known to the Licensed Conveyancer, the existence and amount of any sum payable by or to the Licensed Conveyancer arising, whether directly or indirectly, from the Client’s instructions.” We suggest you ask the Licensed Conveyancer for details of the referral fee they have paid for your (potential) custom.
In addition to checking the amount of money you, the client, are paying for your referred business, we strongly recommend that you get at least three quotes for your conveyancing. Fees for leasehold and freeholds within different valuation brackets can vary widely. We also suggest that you search for reviews of the firms you are interested in working with. Reallymoving.com provides the opportunity for all of our users to provide feedback reviews on our property lawyers.
June 2011