Solicitors still in the driving seat (for now) on conveyancing market
With the forthcoming “big bang” in legal services which brings with it the almost certain entry into the market on big brands for areas such as wills, probate and conveyancing, many solicitors are very worried, at a time when volumes of bread and butter work, such as conveyancing are already way down on historical levels.
So, some good news comes from a YouGov survey which in turn was commissioned by First title who offer specialized conveyancing services for conveyancing.
Despite the often bad press that solicitors get, the survey suggests that when it comes to conveyancing, on the whole the public are happy with the service they get and would prefer to use solicitors rather than a non=-legal brand. As the survey results suggest, one surprising aspect is that only asmall percentage of those instructing conveyancing solicitors buy on price. This is surprising given that solicitors we speak to have a very different perception.
This has resulted in undercutting being a big problem over the last 20 years. In real terms, the average solicitors fees for conveyancing have not risen for 20 years and represent a brgain when compared to estate agent fees and other costs of the transaction. There are some negative effects for consumers who are none the wiser about w=the work involved to do the property conveyancing as it should be done, since as with most things in life, if you go with the cheapest option, something has to give. Not only do you often get very poor service in going with the cheapest, on a vital transaction for you where you want to be kept updated but it can also mean that corners are cut. With a legal matter, cutting any corner or not reading the paperwork carefully and thoroughly spells very bad news.
Anyway, here are the most interesting findings from the poll :-
- The survey sample was nearly 2,000 who have bought a property in the previous 2 years
- 30% answered that they would not trust a non-legal brand with their conveyancing
- Women in particular quite strongly favour using solicitors for conveyancing
- The strongest reasons for choosing a conveyance were quite evenly split between locality, using a solicitor they already know, recommendations from their estate agent recommendation and from family or friends, each factor being between 20-30% importance.
- 10% said they would choose the cheapest option
- Surprisingly, only 4% said that they used the internet to look for a conveyance
- Nearly 70% considered the advice was professional although a somewhat contradictory 44% only belived the person dealing with their matter was knowledgeable and helpful
- Overall, some 70% advised that they were generally satisfied with their experience of using property lawyers on their transaction
