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The clock is ticking on new Price Transparency Regulations - Is your Firm ready?

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The clock is ticking on new price transparency regulations. The SRA and CLC have now launched their respective consultations on how they intend to ask firms to publish their fees on their websites.

In this article we take a look at how QuoteXpress can help your firm to get ready for the new price transparency regulations coming into force next year.

The SRA intends for firms to publish transparent price information on a range of services including Residential Conveyancing (limited to sale, purchase and remortgage), Undefended Divorces, Wills, Probate, LPA, Motor Offences, Personal Injury and Employment Tribunals.

For legal services for businesses, the SRA also wishes to cover Employment Tribunals, Debt Recovery and Licensing applications in relation to business premises.

The CLC intends to ask the firms it regulates to publish price information on conveyancing and probate.

With respect to conveyancing, a draft template for generating conveyancing fees has been developed between the Council for Licensed Conveyancers, Chartered Institute of Legal Executives and the Solicitors Regulation Authority, and sets out the information that should be provided as part of a complete price estimate in the relevant services.

According to the SRA Consultation:

"Firms will need to determine what information they need to collect to arrive at a full and accurate estimate. We would expect estimates provided in this way to be reflected in the final bill for services, subject to new information emerging that affects price.

Each firm will need to make sure that it gathers from potential clients all the relevant information about their transaction that might affect the final cost. This may vary between firms."

For conveyancing, the information the SRA, CLC and CILEx expect to be captured in order to produce an accurate and transparent fee estimate is as follows:

Required Information Asked in QuoteXpress and automatically factored into the fees if required?
whether a first-time buyer Yes
value of sale/purchase Yes
whether a remortgage Yes
whether freehold or leasehold Yes 
whether a new build Yes 
whether first registration of title Yes
whether mortgage or not Yes
whether an Islamic mortgage Yes 
in purchase cases, whether primary residence, buy to let or second/holiday home Yes 
whether multiple owners Yes 
whether a shared ownership scheme Yes 
whether using a help to buy scheme Yes
whether purchase under right to buy Yes
whether purchase at auction Yes 
whether property has been repossessed Yes 

QuoteXpress automatically calculates any Stamp Duty payable along with the Land Registry fee. You can also add your own conditional fees and disbursements to ensure your prospective customers are getting the most accurate fee estimate possible. You can try our quote form out yourself here.

QuoteXpress can also help you meet the new regulatory requirements for other areas of law covered in the consultation.

For consumers

Case Type Available in QuoteXpress?
Residential conveyancing (limited to sale, purchase and remortgage) Yes
Family – undefended divorce and financial disputes arising out of divorce Yes (undefended divorce only)
Drafting of a will From November 2017
Drafting a lasting Power of Attorney From November 2017
Motoring offences TBC 
Employment tribunal TBC
Personal injury claimant TBC

 For small businesses

Case Type Available in QuoteXpress?
Employment tribunal TBC 
Debt recovery TBC
Licensing applications in relation to business premises TBC

To find out more about how QuoteXpress can help your firm adapt to the new regulations, contact us today!

 

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