Most consumers do not like the fact that they have to pay fees for solicitors to check out information before a house is sold. The process, known as conveyancing, forces customers to place their money and trust into a professional’s hands even if they do not understand what is going on.
Economists often refer to this type of situation as asymmetry, when a customer does not know enough to know if they are being ripped off or not but has no choice but to put their faith into the so-called expert and their so-called good intentions. In most cases, conveyancing costs about £500 to £800 and will allow a solicitor to check out if a building is a good buy and if there are any outside factors that will affect the deal.
Chair of the Law Society Conveyancing and Land Law Committee Jonathan Smithers, stated that most people do not understand what solicitors do and instead feel as if they are paying out a large amount of money just for solicitors to chat to one another. However he added that the process is much more complicated than that and includes checking and cross checking numerous times to make sure that the risks are minimal.