Thank you!
Early feedback from the event has been excellent. The team felt it gave them good insight and ideas that they can use with their customers.
Thanks again for an excellent day.
Laurence Backler, Director, NatWest Business Banking, Ashford & Tunbridge Wells Area
CooperBurnett partner advises public not to cut corners when moving house
Jonathan Smithers, a partner at CooperBurnett in Tunbridge Wells, is warning home-buyers not to take risks by cutting corners when buying a home in the face of rising extra costs associated with moving house.
Jonathan says that Stamp Duty Land Tax, estate agents fees, mortgage arrangement fees, the VAT increase for services related to home-buying and other extras could tempt anyone moving home, or stepping onto the property ladder for the first time, to try and make ‘risky' savings in other parts of the home-buying process.
"Buying a home is not only an expensive process, it is also complex," Jonathan explains. "While savings can be made with regards to furniture removals and, possibly, estate agents fees, cutting corners on legal services can prove very risky."
He continues: "Legal services are already one of the cheapest parts of the process compared with the costs of arranging a mortgage, estate agents fees for selling a property and the largest cost of all Stamp Duty Land Tax. The conveyancing process can be complicated and any mistakes could mean important aspects or liabilities linked to the property fall on the buyer."
CooperBurnett recently secured the Law Society's new Conveyancing Quality Scheme (CQS) accreditation,
"The Law Society set up the CQS initiative this year to ensure the highest standards in home-buying were recognised and easily visible to home-buyers," Jonathan explains. "To secure our CQS status, we completed a rigorous application and assessment process. The main beneficiaries of the scheme are our clients who use us to handle the legal side of buying a home."
He continues: "Handling the legal elements of home-buying yourself, if you are not getting a mortgage, or opting for the cheapest conveyancing price you can find, could mean you don't get the best, reliable service and end up paying more in the long run if something goes wrong. Buying a home is a major life event, so taking a short cut on legal costs is a risk."
While there are many firms to choose from which can deal with the legal aspects of home-buying, it is now much more straightforward, thanks to CQS, to identify those which have passed the Law Society's quality assessment.
Recent figures from the Office of National Statistics show that mortgage arrangement fees are a key factor in driving up miscellaneous goods and services. A recent report by Which? found that the additional expenses of buying or selling a home worth £200,000 could add up to £9,000, not including mortgage fees. The report also urged home-buyers not to look for the cheapest option when it comes to legal services.
"Buyers should be looking for a quality service above price and CQS membership provides help to buyers in choosing a firm to act for them in such an important purchase," says Jonathan.
Notes to editors:
• Based in Tunbridge Wells, CooperBurnett boasts a team of 55 people, including 11 partners.
• CooperBurnett has developed a local and regional - and, increasingly, national - reputation for providing effective and proactive advice.
• CooperBurnett was established in 1981 by senior partner Nigel Burnett. Nigel acts for clients in all areas of property and handles commercial acquisitions and sales. He also has expertise in personal tax planning issues, as well as land law. Nigel is a past President of the Tunbridge Wells, Tonbridge & District Law Society.
• The firm provides both commercial services and advice to private clients. Its commercial team acts for all types of businesses, from family enterprises to national companies across a broad range of sectors.
• CooperBurnett offers extensive and tailored advice to private clients on all aspects of their personal affairs, including specialist tax planning, trusts and settlements, and all aspects of residential property and family issues.
• CooperBurnett prides itself on its proactive involvement in both the legal profession and the local community. Partner, Jonathan Smithers, is a member of the Council of the Law Society of England & Wales representing over 2000 solicitors in the county of Kent. He sits on several boards and committees at the Law Society and is Vice Chair of the Conveyancing and Land Law Committee of the Society. He is a past President of both Kent Law Society and Tunbridge Wells, Tonbridge & District Law Society.
• For more information on the Law Society's Conveyancing Quality Scheme visit www.lawsociety.org.uk/cqs or contact the CQS Unit on 020 7316 5550 or CQS@lawsociety.org.uk
For more information on this media release, please contact Angela Ward on: 01825 765617 or by email: angela@themarketingeye.com
