Charged by some Conveyancers and, as ever, frequently concealed in a vast paragraph in the middle of the Solicitor’s terms of engagement this is a quasi Conveyancing Fee that really should be part of the core Conveyancing Fees.
As a policy I try not to be overly judgmental of the practice of 'breaking out' fees into component parts, after all it is standard practice in so many sectors these days.
Where I do draw the line and stand in judgement (not just of Conveyancing Solicitors) is when companies are not up front about their charges.
With this practice so rife in the residential legal sector, it's hardly surprising that there are so many complaints from buyers and sellers.
Some additional conveyancing fees are perfectly legitimate and are genuinely representative of additional work undertaken.
Whether your chosen Conveyancer is regulated by the Solicitors Regulator Authority (SRA) or the Council for Licensed Conveyancers (CLC), your lawyer is bound to be up front about fees and disbursements. They are expected to list them individually and not dress one up as the other. e.g. calling a 'Search' a 'Search Fee' is a sure sign there is a margin built in.
So what is the Professional Indemnity Conveyancing Fee?
In accordance with their respective regulatory bodies, Conveyancers must carry Professional Indemnity Insurance. This protects house buyers and sellers against any financial loss resulting from mistakes or even negligence on the part of their Solicitor.
Any regulated entity pays an annual premium to their insurer and it is an annual fixed overhead incurred by the company/partnership in the same way public liability insurance is.
You would certainly raise an eyebrow if you received a restaurant bill with a surcharge for their public Liability insurance.
Fridaysmove only use Solicitors with a high level of professional Indemnity for your protection and we do not charge additional Conveyancing Fees for professional indemnity.